The government insured those loans before AND after the change. It was on the hook for loan losses before and after. The indirect effects are MASSIVE BENEFITS

The government insured those loans before AND after the change. It was on the hook for loan losses before and after. The indirect effects are MASSIVE BENEFITS for taxpayers, not losses. College graduates have lifetime income of $1M+ more than non-graduates, and this income is of course taxed at each individual's highest marginal rate. They have half the unemployment rate of non-graduates so they consume less unemployment and incur fewer other costs to government.