The pause in student-debt repayment could cost the federal government $4 billion to $5 billion a month until the moratorium is lifted, according to government estimates
The pause in student-debt repayment has cost the federal government more than $100 billion since the start of the pandemic and could cost $4 billion to $5 billion a month until the moratorium is lifted at the beginning of May, according to government estimates.
Among the documents requested is an internal report commissioned by Betsy DeVos, former education secretary under the Trump administration, that showed a far more dire picture of taxpayers’ exposure to student-loan defaults than the one presented by the government. “If you disagree with the reports, as Mr. Cordray seems to believe, then you should make the reports and contractors available to discuss that and examine the problems in their methodology,” the Republicans wrote in their letter to Education Secretary Miguel Cardona.Photo:“For months we have been asking the Department of Education to provide us with reports assessing the true cost of the federal student loan portfolio, but have been stonewalled by Secretary Cardona and those under him,” Ms.
“For the last several months, department staff have sought to address members’ questions about the federal student loan portfolio and to clarify the methodology used to assess its size and value,” an Education Department representative said.
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