Editorial, includes “If banks reported their liabilities using the same fictitious accounting that the federal government does for student loans, they’d be charged with fraud. … CBO estimates that the government will wind up forgiving $167 billion of graduate debt in these plans over the next decade. The write-down for undergraduate loans is less—$40 billion—but the budget gnomes have repeatedly underestimated loan costs only to revise them upward later.”
Read the full article on: The Wall Street Journal