That is absolutely breathtaking. The student loan program really just became another form of welfare.
That is absolutely breathtaking. The student loan program really just became another form of welfare.
More to the point, it became a new form of welfare fraud.
Many of the loans were written to “students” attending sham job training programs and fraudulent diploma mills.
The underground economy has a constant ear to the ground when it comes to figuring out where the free money is coming from and under Obama’s the word on the street was student loans were the new big scam and the gov was giving the peeps student loans and nobody would ever have to pay the loans back.
We created an Obama generation of functionally illiterate beauty school drop outs with 20K + in outstanding student loan debt.
That was for the semi legit scams.
In many, the schools were completely fraudulent shells created as a pretext to obtain loans. the “Schools” took their cut and let the students pocket the rest with neither party looking to get an eduction.
There is simply no way our existing legitimate (and fully utilized from a loan perspective) University and Trade School system could have absorbed a ten fold increase in student loans from $159 million to $1.1 trillion in less than 8 years.
Much of the increase is related to Obama Administration fraud which they have been hiding from the public.
What didn't turn into another form of welfare under Obama?!