As of the beginning of 2017 when this program was enacted, there was $1.4 trillion in student loans outstanding.

As of the beginning of 2017 when this program was enacted, there was $1.4 trillion in student loans outstanding. Assume that 20% of student loan balances outstanding are owed by federal employees that are in a similar situation as Jason (i.e., assume they all have the same salary, loan balance, and repayment term). If that is the situation, how much of a loss (in present value) will the student loan program take as a result of implementing this new program?