Secretary of Education: ‘We Actually Don’t Know the Cost’ of Our Own Student Loan Program


Secretary of Education Arnie Duncan couldn't tell White House reporters what the cost of the Obama administration's student loan program would be Monday.

Associated Press reporter Julie Pace asked Duncan how the government planned to pay for the budgeted $7.6 billion expansion of the education program.

"We actually don't know the cost yet," he said quickly. "Obviously we have to through a regulatory process, so we'll figure that out the back end. But we think this is something that will be fantastic for the economy … We'll work through the details as we go through the regulatory process."