If the AP has it right, and I'm correctly understanding what I'm reading (two questionable assumptions), then a lot of student loan money never has to be paid back.

http://www.google.com/hostednews/ap/art ... 24bc9edf02

So a person takes out, say, $100k in student loans, then graduates with a degree in a field which has no job prospects. He goes to work as a bartender, or whatever. The normal monthly loan payment on $100k over 10 years would be $1,000, but under the new rules he only has to pay 10% of his discretionary income... let's say $50/month. Maybe after a while he gets a better job, so lets say over the next 20 years his average payment is $100/month.

So at the end of 20 years, he's paid back $24,000. That doesn't even cover the interest on $100k. At the end of 20 years, the remaining debt is forgiven -- wiped out.

So who pays? How can the Obama administration say with a straight face that this new rule isn't going to cost the taxpayers anything?