I thought that one of the justifications for this program was that private banks shouldn’t profit from student loans. How did the government manage to lose so much money on something that was purportedly profitable in the private sector?
They get on TV beg for people to go back to school. We have to know its just another money making scheme by the crook govt.
More printed money and debt to paper over the mistakes and excesses of leftist government.
Progressive government is impossible with the Federal Reserve.
Barry’s budget is strictly shovel ready...
From my position in the legal system, I’d suggest that any analysis of this “problem” needs be two-pronged. There is the issues concerning the loans, i.e., were they good, is there a chance of repayment, are the rates appropriate, etc.?
But the second prong, absolutely has to examine the so-called “students.” These “students” often times have no intention of using the loans for school. They are turned down for a car or home loan and use the low rate and readily available “student loan” to buy the car or get a down payment for a mortgage that they otherwise couldn’t qualify for. Then they default and Obama is oh so sympathetic. The other common use of “student” loans is to post bond or hire an attorney in a criminal matter. I see it every day.
I would guess that fully have of the loss on these loans are fraudulent or near fraudulent. At best, the monies were not used for the intended purposes.
I am wholly unsympathetic.
Oldplayer
Student loan debt to the government is a modern day debt slavery. The Feds lend money that they borrowed, the Federal Reserve makes a dollar for every dollar they invent out of thin air, lefty professors and universities hanging out in massive public palaces the free market would never allow for make bank, and students rack up debt that they can never escape. If the students “join the public moocher team by working for the federal government or a favored public occupation they can get the debt forgiven after a number of years.
It is totally sickening.
So, my daughter was acting foolishly when she prepaid her student debt????
Federal bailout or tax on the midde class to bailout these irresponsible borrowers?