FOR IMMEDIATE RELEASE
June 16, 2015
Contact: Sarah Lovenheim, firstname.lastname@example.org
(WASHINGTON) — Ahead of a Joint Economic Committee hearing on so-called “fair-value accounting,” slated for June 17, Young Invincibles’ Policy Director Jennifer Wang released the following statement:
“So-called “fair-value accounting” is far from fair: it’s an accounting gimmick that makes student loans appear more expensive for the federal government than they actually are. ‘Fair value accounting’ prices in risks that do not exist, obscuring the fact that the government makes billions of dollars from the student loan program. Adding phantom costs to federal financial aid is a distraction from discussing increasing investments in higher education and if it moves forward, young people could end up paying the price.”
For more background on how “fair-value accounting” would hurt students, please reference this op-ed by Jennifer Wang in U.S. News and World Report.