According to President Barack Obama’s Department of Education, his student loan forgiveness program already is experiencing cost overruns to the tune of nearly $22 billion. Obama’s 2010 PAYE expansion at the time was projected to add $9 billion to the taxpayers’ bill for students not repaying their debt. As the DoE put it,
The 2015 amount includes a net upward reestimate of $21.8 billion, primarily related to revised interest rates and increased participation in income-driven repayment plans.
Or, in the words of James Schneider, who wrote the article at the second link,
[S]welling enrollment due to looser loan rules is driving up costs….
Or, Romina Boccia, of the Heritage Foundation:
They didn’t account for the market risk in making these loans[.]
Or, Steve Ellis, of Taxpayers for Common Sense:
…hard to see how this is going to come out as a net positive as the administration predicts[.]
Or, Lindsey Burke, also with the Heritage Foundation:
Somebody pays for that loan forgiveness. And that is the three-quarters of Americans who don’t have bachelor’s degrees themselves.
Now, how does that work, exactly? Who could have expected such an outcome? Apparently everyone in the Universe except Democrats.