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Why the government wants no bankruptcy on student loans

BlueRaiderFan

Hall of Famer
Oct 4, 2003
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http://www.usatoday.com/…/federal-student-loan-pr…/3696009/…
This is why the Department of Education LOVES bankruptcy gone from student loans. Their lending office was setup and is run, largely by former lending executives. They are making money hand over fist, coming and going, they are making money on defaults as well as loans that remain in good stead. These fat cats in charge are making their buddies rich while you bubbas of the world cry "Pay yer bills!" Your own family members will likely suffer from this policy one day. Too bad you're too dumb to see the wool over your eyes. This isn't about tax payer dollars going to waste. The vast majority of borrowers were paying their loans before the law was changed. Now we have a snowball effect and it's causing tuition rates to increase at 2-3 times the rate of inflation. READ AND LEARN KNUCKLEHEADS! They say they aren't making money but they use BULL CRAP accounting methods.

The federal government made enough money on student loans over the last year that, if it wanted, it could provide maximum-level Pell Grants of $5,645 to 7.3 million college students.

The $41.3 billion profit for the 2013 fiscal year is down $3.6 billion from the previous year but it's a higher profit level than all but two companies in the world: Exxon Mobil cleared $44.9 billion in 2012, and Apple cleared $41.7 billion.



Click the link for more.
 
I've always said that if the Fed wanted to avoid the economic downturn and the crap fallout from all the bank bailouts - all it needed to do was to use all that "bailout" cash to pay off the student debt of it's citizens.

That puts a whole lot of disposable cash in the pockets of people who will go out and spend it thereby stimulating the economy.

What I spend per month on student loan bills could probably buy me a boat, a new car, or a weekend cabin in the Smokies.

But nope, it all went to their buddies in huge banks and financial service companies.
 
Yep...By the time I'm finished I will have paid back 4 times what I borrowed...it's ridiculous.
 
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