“He made college more affordable” is my favorite Obama lie…

Who saw this coming?

Everyone.

Democrats devised the government takeover of student loans as an entitlement that might never be repaid, though they sold it as a money saver. New evidence of this giant con arrives courtesy of a report this week by the Government Accountability Office that estimates the taxpayer losses at $108 billion and counting.

To help pay for ObamaCare, Democrats simultaneously federalized the student loan market and projected fictitious savings, all while adding more than $1.2 trillion to the federal balance sheet. The amount keeps increasing like the debt clock. Liberals then cited the government “savings” to peddle the fallacy that the feds make money off student loans—a pretext they then used to sweeten debt forgiveness plans that have helped keep default rates artificially low.

The Education Department claims the national student loan default rate is 11.3%, yet only half of all debt is in repayment. Borrowers can seek forbearance or deferment if they are unemployed, return to school or claim financial difficulties. Or they can enroll in income-based repayment plans that let them discharge the debt after making payments equal to 10% of their discretionary income for 20 years. Those who work in “public service”—government or a nonprofit—can wipe out their debt in 10 years without a tax penalty.

Yep, the cost may go down for the end-user (maybe) but the cost is burdened by everyone

To sum up: The Obama Democrats used student loans and loan forgiveness to buy votes and dissembled about the cost. Now as they leave town they are handing Republicans the bill. As for millennials, they’ll pay in the end with higher tax rates..

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