The Department of Education expected the federal student loan program to generate $114 billion in revenue, but it actually wound up costing $197 billion.
Georgetown University seniors pose for graduation pictures early due to the school moving to online classes only because the coronavirus outbreak on Wednesday, March 18, 2020.
The analysis comes amid a raging debate in Washington over whether Biden should cancel any of the $1.6 trillion in federal student loan debt that is held by millions of Americans.including Sens. Richard Burr of North Carolina and Mike Braun of Indiana as well as Reps. Virginia Foxx of North Carolina and Greg Murphy of North Carolina. They said the report is evidence that "taxpayers have lost hundreds of billions of dollars on this program.
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