Oopsie! Department of Education cops to massive math error on student loans

Hot Air
Ed Morrissey
Jan. 23, 2017

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:

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Prior to this admission, the Department of Education had claimed that only a third of all student loans had never begun repayment — but that the rate soared to over half at for-profit schools. Based on that calculation, DoEd finalized a rule that required those schools to post a warning in all of their promotional materials to the effect that their students tended to be deadbeats. State-based and non-profit private colleges are exempted from those disclosures, based on the bad math performed by the DoEd.

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This could get interesting. We'll see.