Oopsie! Department Of Education Cops To Massive Math Error On Student Loans
What a confidence builder, eh? This looks more like a confidence game, though, in support of the Obama administration’s war on for-profit schools. The Wall Street Journal’s editorial board blasts the Department of Education for waiting months to disclose that they had made a huge error on student-loan defaults, even while issuing regulations that hammered for-profit schools on the basis of that error:
In early January the department disclosed that it had discovered a “coding error” that incorrectly computed College Scorecard repayment rates—that is, the percentage of borrowers who haven’t defaulted and have repaid at least one dollar of their loan principal. The department says the error “led to the undercounting of some borrowers who had not reduced their loan balances by at least one dollar.”
The department played down the mistake, but the new average three-year repayment rate has declined by 20 percentage points to 46%. This is huge. It means that fewer than half of undergraduate borrowers at the average college are paying down their debt.
http://hotair.com/archives/2017/01/23/oopsie-department-of-education-cops-to-massive-math-error-on-student-loans/
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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