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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"Elizabeth Warren blasts profits on student loans"
Elizabeth Warren blasts profits on student loansBy Rodrique Ngowi at the Boston Globe
http://www.bostonglobe.com/news/nation/2014/02/01/warren-blasts-profits-student-loans/kusXEDxBrxHu36BYyo0bXJ/story.html
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BOSTON U.S. Sen. Elizabeth Warren said Saturday she is shocked that the federal government is earning an estimated $66 billion in profits from student loans originated between 2007 and 2012.
The Democrat from Massachusetts was reacting to a Government Accountability Office report Friday. A previous Congressional Budget Office report estimated that the government will pocket an additional $185 billion in profits on new student loans made over the next 10 years.
This is obscene. The government should not be making $66 billion in profits off the backs of our students, Warren said in a statement. This report reinforces what we already knew instead of investing in our children and their futures, the government is squeezing profits out of our young people and adding to the mountain of debt they will spend their lives struggling to repay.
Warren and eight other U.S. senators committed to wring government profits out of student loans and address a $1.2 trillion in outstanding student loan debt they say is crushing families and putting a strain on the economy.
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NYC_SKP
(68,644 posts)I know what I want for a president.
Love Senator Warren, even contributed to her campaign from 3000 miles away.
applegrove
(118,749 posts)Last edited Tue Feb 4, 2014, 04:19 AM - Edit history (1)
Her message is always so simple. So true. indeed.
But I do think she and Hillary are a great 1 2 punch. I look forward to our female overlords.
adirondacker
(2,921 posts)Good for Elizabeth and the 8 mystery senators for speaking out about this. I just don't understand why we can't catch up with the rest of the developed nations in giving the underprivileged the opportunity to perform a couple of years in a community service to negate loans. Why the military education benefit (WW2- Vietnam) was taken away is beyond me as well.
Change can't happen soon enough.
Fla_Democrat
(2,547 posts)If the Post Office starts making 'pay day' loans, why couldn't they handle student loans as well?
That way, instead of The government should not be making $66 billion in profits off the backs of our students, it would fall under the USPS would generate savings for those families and revenue for itself by stepping in to replace those non-bank financial services companies.
Win-win?
applegrove
(118,749 posts)freshwest
(53,661 posts)sheshe2
(83,852 posts)SamKnause
(13,108 posts)If the CEO's and the corporations aren't ripping us off, the government is.
What the hell is wrong with this dysfunctional country ????
That money should go toward paying off all student loan debt.
UncleMuscles
(44 posts)easier than student loan debt.
You will die owing student loans.
It's never meant for students to repay them.