Did the Obama admin commit 'the biggest accounting fraud in history' with student loans? Experts weigh in
The Wall Street Journal’s editorial board recently suggested that the Obama administration pulled off “the biggest accounting fraud in history” with student loans when eliminating the role of private lenders in the federal student lending market.
Douglas Holtz-Eakin, former director of the Congressional Budget Office during the George W. Bush administration and currently president of the center-right American Action Forum, agreed that the accounting discrepancy manifested because of the “technique” used by the CBO to evaluate the cost of these loan programs.
Income-based repayment plans were ‘poorly designed’The WSJ argued that the key catalyst for the student debt crisis today — $1.48 trillion student loans outstanding, with 35% of the consumer loans in the “severely derogatory” category — was a result of the Obama administration’s policies regarding income-driven repayment plans.
Holtz-Eakin added that the Obama administration “did that on a regular basis — there was nothing CBO could have done about it.”
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