The federal government is set to lose nearly half a trillion in taxpayer dollars as a result of student loans that won’t be repaid, according to an internal analysis conducted for the U.S. Department of Education.
The Education Department, which has surpassed Bank of America and JPMorgan Chase to become the nation’s largest consumer lender, hired FI Consulting to examine the $1.37 trillion student loan portfolio held by the federal government at the beginning of this year.
