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According to the U.S. Treasury Department, the U.S. Department of Education has now cumulatively borrowed over one trillion dollars from the public for the purpose of funding its Federal Direct Student Loan program since January 2009.
Political Calculations’ charted the history of the Education Department’s borrowing to support its student loan business.
Between January 2009 and May 2017, the total public debt outstanding of the U.S. government increased by over 9.2 trillion dollars. Since $1 trillion of that borrowed money went to fund student loans, it accounts for 10.8% of the increase of the national debt over the last eight years.
Getting out of its money losing student loan business should be a top priority at the U.S. Department of Education.