Author Topic: Student debt owned to federal government up 463% under Obama  (Read 571 times)

0 Members and 1 Guest are viewing this topic.

Offline rangerrebew

  • America defending Veteran
  • TBR Contributor
  • Hero Member
  • *****
  • Posts: 71,030
  • “It’s easier to fool people than to convince them
Student debt owned to federal government up 463% under Obama
« on: November 06, 2013, 02:30:08 PM »

Student Loan Debt Owed to Federal Government Up 463% Under Obama



November 5, 2013 - 4:27 PM
 

(CNSNews.com) -- Since President Barack Obama took office in 2009, the amount of outstanding federal student loan debt owed to the government has skyrocketed, increasing by 463 percent. The balance owed currently stands at $674,580,000,000.00 compared to $119,803,000,000.00, where it stood in January 2009, according to the Financial Management Service’s latest monthly treasury statement.

Student Loan Debt Owed to Federal Government Up 463% Under Obama
Student Loan Inforgraphic. (Ali Meyer/CNSNews.com)

Direct federal student loan spending began to rise rapidly in fiscal year 2010, when the Health Care and Education Reconciliation Act – one of the two laws that make up Obamacare -- gave the federal government complete control over federal loans for education, the Direct Student Loan (DL) program.  This aspect of HCERA became effective July 1, 2010, when the amount of outstanding loans stood at $178,806,000,000. Since then, the balance has increased by 277 percent.

“Under the DL program, the federal government essentially serves as the banker – it provides the loans to students and their families using federal capital (i.e., funds from the U.S. Treasury, and it owns the loans,” explained the Congressional Research Service.

During President George W. Bush’s time in office, the amount of outstanding loans increased from $67,979,000,000 in January of 2001 to $119,803,000,000 in January of 2009, an increase of 76 percent. This means that under President Obama the amount of federal direct student loans increased 509 percent more than under President Bush.
..- See more at: http://cnsnews.com/news/article/ali-meyer/student-loan-debt-owed-federal-government-463-under-obama#sthash.DisQSsrU.dpuf
"Of all the dispositions and habits which lead to political prosperity, religion and morality are indispensable supports. In vain would that man claim tribute to patriotism who should labor to subvert these great pillars of human happiness -- these firmest props of the duties of men and citizens. . . . reason and experience both forbid us to expect that national morality can prevail in exclusion of religious principles."
George Washington

"Only a virtuous people are capable of freedom. As nations become more corrupt and vicious, they have more need of masters."
Benjamin Franklin

Offline mountaineer

  • Member
  • Hero Member
  • ****
  • Posts: 36,104
Re: Student debt owned to federal government up 463% under Obama
« Reply #1 on: November 06, 2013, 02:38:07 PM »
No kidding. The federal government shouldn't be involved in any way whatsoever in funding college tuition.

But, of course, it's too late for that.
A day without sunshine is like, you know, night.

Offline flowers

  • Hero Member
  • ****
  • Posts: 18,768
Re: Student debt owned to federal government up 463% under Obama
« Reply #2 on: November 06, 2013, 03:23:36 PM »
Amazing they got away with this as well. Make the college kids in debt for life. Heck then they graduate and find out there are no jobs.  **nononono*


Offline Chieftain

  • AMF, YOYO
  • Hero Member
  • ****
  • Posts: 9,633
  • Your what hurts??
Re: Student debt owned to federal government up 463% under Obama
« Reply #3 on: November 06, 2013, 04:08:10 PM »
yah...$120,000 for a degree in Sociology...Black Women's Studies.....Community Organizing....you name it someone has a degree in it along with a massive debt load.  Many of these people have absolutely no hope of finding employment that will pay them enough to ever repay these loans so I expect an effort next year to grant amnesty on these debts as well.

All that money spent for so little gain.



Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf