Waste of the Week: Department of Education Can't Pass Audit with $49 Billion Budget 41_Student_Loan_forgiveness

February 24, 2023 12:34 PM



The U.S. Department of Education cannot pass an audit with a $49 billion taxpayer-funded budget.

Founder and CEO of Open the Books Adam Andrzejewski joined The National Desk’s Jan Jeffcoat Friday morning to discuss the money.

An Inspector General report shows that after conducting a yearly audit for the Education Department, the auditors at KPMG issued a Disclaimer of Opinion, meaning they felt they didn't have enough information to issue an opinion on whether the department was fairly representing their financial statements.

Auditors also found issues in the internal controls within the department.

"Number one, they didn't have enough information to complete a proper audit and had to issue the Disclaimer of Opinion and because they couldn't get underlying information," Andrzejewski said. "And number two, the program of loan forgiveness is in flux. So they didn't have enough information on the loan forgiveness program to estimate taxpayer future taxpayer liabilities on that program.”

There’s still a lot of uncertainty about the student loan plan created by President Joe Biden, including confusion about whether or not it’s even constitutional.

“Joe Biden, he ran on a promise to forgive $10,000 of student loans for qualified borrowers,” Andrzejewski said. “What he instituted was a program to forgive up to $20,000 worth of loans for qualified borrowers. Now you could make between 125,000 and 250,000 as a household to qualify for that loan forgiveness, and of course, 8 million people applied for the program.”

The case goes to the Supreme Court next week and they’ll issue an opinion on whether it’s constitutional.


Back to news
Sign the Petition