The US ' Government Accountability Office ( GAO ) suggests the $ 1.3tn US student loan debt crisis will get worse because the Department of Education significantly underestimated the cost of the government 's income - based repayment programme . As a result , the federal government may be forced to forgive up to $ 108bn in student loans over the next few years , with a further $ 5000 expected to be owed . While that might seem like a boondoggle to some voters, the plans were designed with the idea that even a lower repayment amount would be better for taxpayers than if those borrowers defaulted. “ At a time when our nation is facing a mammoth national debt , the Department of Education has expanded a student loan programme that will cost twice as much as originally estimated , ” says Senator Mike Enzi , chairman of the Senate Budget Committee .
The US ' Government Accountability Office ( GAO ) suggests the $ 1.3tn US student loan debt crisis will get worse because the Department of Education significantly underestimated the cost of the government 's income - based repayment programme . As a result , the federal government may be forced to forgive up to $ 108bn in student loans over the next few years , with a further $ 5000 expected to be owed . “ At a time when our nation is facing a mammoth national debt , the Department of Education has expanded a student loan programme that will cost twice as much as originally estimated , ” says Senator Mike Enzi , chairman of the Senate Budget Committee .