Posted on June 9, 2014

Obama Admin: We "Don't Actually Know The Cost Yet" Of Our Own Education Plan

JULIE PACE, AP: Two questions for you. The president's budget, I believe, puts the pricetag for this student loan program expansion at $7.6 billion in its first year. Can you tell us how you plan to pay for that?



ARNE DUNCAN, SECRETARY OF EDUCATION: We don't actually know the cost yet. We obviously have to go through this regulatory process so we'll figure that out in the back end. But we think this is something that would be fantastic for the economy. And again, the benefits of having people rather than paying back loans, buying homes, buying cars, investing, starting businesses. There are huge benefits there, but we'll work through the details as we go through the regulatory process.