The GAO slammed the Education Department for failing to close a legal loophole that allows lenders of student loans to make a larger profit margin than Congress intended. The report found that the companies were walking away with $1 billion in taxpayer subsidies.
Apparently, the Education Department believes that it doesn't need to make any changes unless it's a national emergency:
"Do we have a situation here that falls into a situation of a national emergency?" said Brian W. Jones, the department's general counsel, referring to what he described as the legal standard that must be met before it can change a regulation without a lengthy public process. "We just didn't think that that's warranted. There are not the kind of calamitous circumstances the courts have required."
Nice to know that these assholes feel that losing $1 billion isn't a big deal. Meanwhile, I was denied a student loan which has left me scrambling to figure out how I'm going to pay for school.
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