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Federal Student Loans: From 'Profitable' to Indebted
Instead of $114 billion in revenue, the CBO now expects $31 billion in losses over 10 years.
The Congressional Budget Office recently revealed some startling new figures regarding student loans. But first, let’s rewind. In 2017, the CBO — clearly looking through rose-colored glasses — stated that the government-managed student-loan program would garner a respectable $114 billion in revenue over the ensuing 10 years. Then, in 2018, that revenue estimate nosedived to just $8.7 billion. In other words, the $11.4 billion in estimated annual profits cratered to less than $1 billion.
But even that estimate proved ridiculously sugarcoated.
Now, the CBO is calculating a $31 billion deficit over the next 10 years. A Bloomberg Government report parsed this development as “a shift from past CBO forecasts that the government would profit from the program.” That’s not merely a shift. That’s a deviation of epic proportions.
Bloomberg Government provides some key explanations for the seismic shift:
While some of the increase can be attributed to interest rates, the bulk of the change has come from the cost of the almost $1.5 trillion in federal loans students already have outstanding. More loans are in default, and less is being collected on outstanding loans, according to the the department’s budget request. In addition, more borrowers than anticipated are enrolling in income-driven repayment plans. These allow borrowers to pay a percentage of their income for a set number of years, after which the remainder of the loan is forgiven.
Of course, anybody who understands the inescapable realities that come with federal spending already knew that student loans would not be profitable. As we explained back in 2016, “Originally, the loan forgiveness program was meant to be available only for those students who applied for loans in 2014 and after, but then Barack Obama retroactively extended the benefit.” Predictably, that made a bad situation all the worse. As Bloomberg Government further notes, “About 30 percent of borrowers with direct federal loans, the most common type, were in income-driven repayment programs in fiscal 2018, a 29 percent increase from two years before, according to the Education Department.”
Now here’s the real kicker. Presidential candidates like Sen. Elizabeth Warren claim that universal “free” college is the way to ameliorate the problem. The cost of Warren’s proposal? At least $1.25 trillion. The definition of insanity is doing the same thing over and over again. In this case, the definition of insanity is letting politicians who created this mess throw taxpayers even further under the bus.
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Students walk out of Colorado school shooting vigil, saying their trauma was being politicized
Gun rights advocates posted support on social media Thursday for students who walked out of a gun-control rally in anger and tears over concerns the event inappropriately politicized their grief.
The event Wednesday was primarily billed as a vigil to honor Kendrick Castillo, who was fatally shot in a rampage by two students at the STEM school here. Speakers at the school's packed gymnasium, however, were mostly politicians and advocates pressing Congress for more restrictive gun laws.
After about 30 minutes, hundreds of students from the STEM School stormed out yelling "this is not for us," "political stunt" and "we are people, not a statement."
Candace Craig, who has three kids attending STEM, said it was just too early for to push for action. She said the trauma is still fresh for the thousands of parents and their kids who suffered through the shooting and the anxious hours that followed.
"We need quiet. We need familiar faces. We need to hold our babies. We will heal and we will rise stronger and ready to say 'enough,'" she said Thursday. "But right now, we are shaken. We are broken. We hurt for the families whose worlds were turned upside down with grief and loss. That’s what we want the world to hear from us."
Wednesday night, the traumatized shooting survivors who exited the rally thrust lighted cellphones into the air and chanted "mental health, mental health," as their hands and voices shook in the cold rain. Angry students pushed and screamed at journalists, demanding to see photos they had taken.
Interview requests made by a USA TODAY reporter were rebuffed; multiple students said they had agreed not to talk to journalists.
Many students appeared unaware the event was organized by the Brady Campaign to Prevent Gun Violence. Sen. Michael Bennet and Rep. Jason Crow, both Democrats, both spoke at length about the need for federal action. The Brady Campaign invited reporters to cover the event.
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Australia: Veteran principal who tackled a student to the ground to break up a schoolyard brawl is accused of assault and stood down
This is a great way to encourage chaotic schools. The man deserves a medal, not being stood down. The police have cleared him, which makes the bureaucratic intervention even more obnoxious
A deputy school principal who tackled a student to the ground before being circled by other pupils with their fists up has been stood down over allegations of assault.
Associate principal Grant Walton was stood down from Perth's Eaton Community College following the incident in March, and an investigation by the Education Department was underway.
It's understood Mr Walton was trying to break up a brawl between current and former students on the school's oval.
Dramatic footage showed Mr Walton kneeing a student in the back to bring him to the ground, keeping his body weight on the boy's back as other students surrounded him.
'Get off him! Get off him!' students shouted at Mr Walton, before he stood up and released the boy.
The student then started swinging his arms at the principal while getting off the ground.
The video cut out briefly before showing the boy square up with his fists raised to Mr Walton, who shouted at him to 'get lost' and 'go away'.
Mr Walton had worked at the school, near Bunbury, for 15 years.
Last week, the Department of Education confirmed Mr Walton was under investigation for allegedly physically assaulting a student.
The schoolyard brawl was reported to police by a parent, but Bunbury Detectives cleared Mr Walton of any charges after investigating the incident.
Kylie, the mother of the boy who was brought to the ground in the confronting footage, claimed her son was wrongly targeted. '(He was) grabbed from behind... for basically no reason,' she told The West. 'He did turn around and tell the teacher involved to 'F... off' and walked away, that's when it happened,' she claimed. [Mothers always believe their children]
'As my son was walking off, the teacher involved came up behind him and kicked him, kicked his leg out from under him and threw him to the ground pretty much, and jumped on top of him.'
She said she had written a complaint to police after they cleared Mr Walton of any wrongdoing in the altercation.
State School Teachers Union president Pat Byrne told the South Western Times that staff were encouraged to avoid any physical contact with brawling students. 'What they are required to do is do what they can to get help and issue verbal instructions to stop the fight,' she said.
Ms Byrne said the sequence of events that led up to the video footage being filmed needed to be established before a judgement could be made.
More than 300 locals and parents of students had taken to Facebook to defend Mr Walton's actions, saying he's the 'heart and soul' of Eaton Community College.
'Mr Walton has given everything to that school and the community. Behind him all the way as an ex student,' one comment read.
'This man is outstanding as an educator and principal!!! If he had to intervene it would be to save a child's life and for the safety of the other students. This is a huge mistake and mis justice (sic),' another read.
'Nothing but praise for Grant Walton he always has the kids best interest in mind. Hopefully he can return to his position as soon as possible.'
'As a parent of a child in ECC I stand behind Mr Walton. His actions are just protecting children. So with this rule does that mean if a student is bashing another student they will just let it play out?' another woman said.
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