The U.S. Government Will Forgive Far More Student Loan Debt Than Expected

As serious as Last Week Tonight‘s deep dive into for-profit colleges and the staggering amount of student loan debt that college-aged Americans currently face, John Oliver is a comedian. So despite the anxiety-producing material he was discussing, the former Daily Show correspondent’s shtick was rife with humor. On the other hand, a new article in the Wall Street Journal concerning the subject is not so funny — especially when one considers the Government Accountability Office’s new report on the Obama administration’s debt forgiveness programs. The federal government’s student loan program currently lists an outstanding debt of $1.26 trillion. Of that, students enrolled in the new income-based repayment plan owe $355 billion, of which the GOA is projecting $137 billion will never be paid due to death, disability or inability to pay. That is a lot of money that the U.S. Treasury will never, ever see again.