Federal Student-Loan Program Cost Estimate Was Off By $311 Billion, Government Watchdog Says - WSJ

According to Friday’s GAO report, which examined the federal program dating back to 1997, it lost money on loans issued in all but one year over the past quarter-century. Originally, the Education Department estimated the loans would generate $6 in income per $100 lent out. The GAO analysis found the loans wouldn’t make money, but actually cost the government $8.88 per $100 in loans.