Bost at the Department of Education: Release Report Showing Miscalculated Student Loan Budget Forecast
The US Department of Education must immediately release a public report commissioned by the previous administration showing how the budget projections for student loans are calculated and whether the process was done correctly, said US Representative Mike Bost (R-IL) .
“Students and taxpayers deserve to know whether or not these loans are worth what the federal government says they’re worth,” said Representative Bost, a senior member of the US House Veterans Committee, in an April 30 press release.
The congressman added that if the federal government has based its budget assumptions on false information, then “these student loans will be threatened through no fault of their own.” Not only that, but American taxpayers will be forced to foot the bill. “
Representative Bost also joined with U.S. Representative Virginia Foxx (R-NC), a senior member of the United States House Education and Labor Committee, in sending a letter April 30 to the Secretary American Education Officer Miguel Cardona asking him to provide them with the report, which details the impact of federal miscalculations on student loan estimates on taxpayer dollars and on students.
“A recent Wall Street Journal article suggests the Education Department refuses to release a report on how budget projections are calculated,” the members wrote. “Expert analysis details a gap of several hundred billion dollars between what the executive branch says student loans are worth and the actual value of those loans.”
Rep. Bost and his colleague noted that the public policy implications of such a gap are enormous.
âThe ability of students to pursue a college education is threatened if the federal government is no longer able to provide them with loans,â they wrote. âTaxpayers are not an unlimited piggy bank. The federal government should not take advantage of its student loan program or increase the tax burden on unborn generations.