Obama Student Loan Policy Reaping $51 Billion Profit
The Obama administration is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation's most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.
Figures made public Tuesday by the Congressional Budget Office show that the nonpartisan agency increased its 2013 fiscal year profit forecast for the Department of Education by 43 percent to $50.6 billion from its February estimate of $35.5 billion.
Exxon Mobil Corp., the nation's most profitable company, reported $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo reported a combined $51.9 billion in profit last year.
http://www.huffingtonpost.com/2013/05/14/obama-student-loans-policy...
Replies to This Discussion
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Permalink Reply by Cryptocurrency on
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Permalink Reply by Tara on
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It's not even worth it to go to college these days. You're straddled with debt and there's hardly any jobs to be found post graduation. And for the Government to be profiting off of the backs of our kids future is just downright pathetic!
My daughter turns 11 tomorrow and I fear that college will become available to only those priveleged enough to receive further education... only those born to elitist scum bags. The future looks bleak at times I tell ya.
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Just saw a special segment on one of the msm shows talking about how it's not even worth it anymore to get degrees from the expensive schools. It costs too much, and they're just as likely to get a job as anyone else with a similar degree.
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The Obama administration is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation's most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.
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