Tags » Higher Education Bubble
The Obama administration projects that the increased use of student loan forgiveness programs will cost taxpayers $22 billion next year.
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… Primarily because of the recent growth in enrollment in the program, projected long-term revenues from the federal direct student loan portfolio were reduced by almost $22 billion compared with the best guess from the previous year….
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From November 2013 through November 2014, the aggregate balance in the federal direct student loan program–as reported by the Monthly Treasury Statement–rose from $687,149,000,000 to $806,561,000,000, a one-year jump of $119,412,000,000.
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Beginning next year, colleges and universities will be judged on three broad criteria when it comes to meting out federal financial aid: access, affordability and student outcomes, according to a new “framework” released by the Education Department.