Author Topic: Student debt owned to federal government up 463% under Obama  (Read 540 times)

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Offline rangerrebew

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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
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Offline mountaineer

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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.
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Offline flowers

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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

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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.



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