Today, Republican Leader of the Education and Labor Committee Virginia Foxx (R-NC) and Rep. Mike Bost (R-IL) penned a letter to Department of Education Secretary Miguel Cardona regarding the Department’s refusal to release a report showing taxpayers will be on the hook for the federal government’s disastrous student loan policy. Today’s letter comes after the Wall Street Journal reported on Thursday that the Department miscalculated student loan budgetary projections for years.
In the letter, the Members write: “Effective public policy is impossible to create if our budgeting assumptions are based on gimmicks or falsehoods… expert analysis reportedly details a hundreds of billions of dollars wide gap between what the executive branch says student loans are worth and the real value of those loans.” The Members continue: “Students’ ability to pursue a college degree is threatened if the federal government is no longer able to offer them loans. Taxpayers are not an unlimited piggybank. The federal government should not be making money off its lending program to students, nor should it add to unborn generations’ tax burdens.”