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Thread: Student loans anyone - Obama Student Loan Policy Reaping Record $51 Billion Profit

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    Default Student loans anyone - Obama Student Loan Policy Reaping Record $51 Billion Profit

    The Obama administration is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation's most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.

    Figures made public Tuesday by the Congressional Budget Office show that the nonpartisan agency increased its 2013 fiscal year profit forecast for the Department of Education by 43 percent to $50.6 billion from its February estimate of $35.5 billion.

    Exxon Mobil Corp., the nation's most profitable company, reported $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo reported a combined $51.9 billion in profit last year.

    The estimated increase in the Education Department's earnings from student borrowers and their families may cause a political firestorm in Washington, where members of Congress and Obama administration officials thus far have appeared content to allow students to line government coffers.

    The Education Department has generated nearly $120 billion in profit off student borrowers over the last five fiscal years, budget documents show, thanks to record relative interest rates on loans as well as the agency's aggressive efforts to collect defaulted debt. A spokesman from the Education Department did not respond to a request for comment. A Congressional Budget Office spokesman could not be reached for comment after normal business hours.

    more
    http://www.huffingtonpost.com/2013/0...n_3276428.html

    Progressives?

    Not hardly.
    AMERICAN HISTORY ITSELF IS A TESTAMENT TO THE STRENGTH AND RESILIENCE OF AFRICAN PEOPLE. WE, ALONG WITH THE COURGE AND SACRIFICES OF CONSCIOUS WHITE AMERICANS, LIKE VIOLA LIUZZO, EVERETT DIRKSEN, AND MANY OTHERS, HAVE FOUGHT AND DIED TOGETHER FOR OUR FREEDOM, AND FOR OUR SURVIVAL.

    In America, rights are are not determined by what is just, fair, equitable, honest, nor by what Jesus would do. Rights are determined ONLY by what you can DEMAND.

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    Well, they ARE giving away free money... those interest rates... nah, don't pay attention to them. Oh and as a side note to all you students, if you ever think about a chapter 7 filing due to the fact that you can't get a job in Obama's economy... sorry... you can't get rid of your student debt that way.
    Quote from Cypress:
    "Scientists don't use "averages". Maybe armchair supertools on message boards ascribe some meaning to "averages" between two random data points. And maybe clueless amatuers "draw a straight line" through two random end data points to define a "trend". Experts don't.

    They use mean annual and five year means in trend analysis. Don't tell me I have to explain the difference to you. "

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    Yup, and they'll go after relatives if you don't pay. It's debt that never goes away with a collection agency that has no morals.
    Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but rather we have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.
    - -- Aristotle

    Believe nothing on the faith of traditions, even though they have been held in honor for many generations and in diverse places. Do not believe a thing because many people speak of it. Do not believe on the faith of the sages of the past. Do not believe what you yourself have imagined, persuading yourself that a God inspires you. Believe nothing on the sole authority of your masters and priests. After examination, believe what you yourself have tested and found to be reasonable, and conform your conduct thereto.
    - -- The Buddha

    It is the mark of an educated mind to be able to entertain a thought without accepting it.
    - -- Aristotle

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    Quote Originally Posted by Superfreak View Post
    Well, they ARE giving away free money... those interest rates... nah, don't pay attention to them. Oh and as a side note to all you students, if you ever think about a chapter 7 filing due to the fact that you can't get a job in Obama's economy... sorry... you can't get rid of your student debt that way.
    I support a change in the bankruptcy codes that would allow chapter 7 on student loans. And you?

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    Quote Originally Posted by Damocles View Post
    Yup, and they'll go after relatives if you don't pay. It's debt that never goes away with a collection agency that has no morals.
    So where are so-called 'progressives' on this?
    AMERICAN HISTORY ITSELF IS A TESTAMENT TO THE STRENGTH AND RESILIENCE OF AFRICAN PEOPLE. WE, ALONG WITH THE COURGE AND SACRIFICES OF CONSCIOUS WHITE AMERICANS, LIKE VIOLA LIUZZO, EVERETT DIRKSEN, AND MANY OTHERS, HAVE FOUGHT AND DIED TOGETHER FOR OUR FREEDOM, AND FOR OUR SURVIVAL.

    In America, rights are are not determined by what is just, fair, equitable, honest, nor by what Jesus would do. Rights are determined ONLY by what you can DEMAND.

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    Quote Originally Posted by Darla View Post
    I support a change in the bankruptcy codes that would allow chapter 7 on student loans. And you?
    I agree .. but I also support student loans at the lowest rate/less profit as possible.

    The government doesn't need to make money off the backs of students.
    AMERICAN HISTORY ITSELF IS A TESTAMENT TO THE STRENGTH AND RESILIENCE OF AFRICAN PEOPLE. WE, ALONG WITH THE COURGE AND SACRIFICES OF CONSCIOUS WHITE AMERICANS, LIKE VIOLA LIUZZO, EVERETT DIRKSEN, AND MANY OTHERS, HAVE FOUGHT AND DIED TOGETHER FOR OUR FREEDOM, AND FOR OUR SURVIVAL.

    In America, rights are are not determined by what is just, fair, equitable, honest, nor by what Jesus would do. Rights are determined ONLY by what you can DEMAND.

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    Quote Originally Posted by blackascoal View Post
    So where are so-called 'progressives' on this?
    they are out fetching talking points from their Dem masters.
    Quote from Cypress:
    "Scientists don't use "averages". Maybe armchair supertools on message boards ascribe some meaning to "averages" between two random data points. And maybe clueless amatuers "draw a straight line" through two random end data points to define a "trend". Experts don't.

    They use mean annual and five year means in trend analysis. Don't tell me I have to explain the difference to you. "

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    Quote Originally Posted by blackascoal View Post
    I agree .. but I also support student loans at the lowest rate/less profit as possible.

    The government doesn't need to make money off the backs of students.
    I would fully support free universal college and wish we had it.

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    Quote Originally Posted by Darla View Post
    I support a change in the bankruptcy codes that would allow chapter 7 on student loans. And you?
    absolutely... especially given how long the chapter 7 will hang with a persons credit rating (ratings that no one can actually explain... which is another topic)
    Quote from Cypress:
    "Scientists don't use "averages". Maybe armchair supertools on message boards ascribe some meaning to "averages" between two random data points. And maybe clueless amatuers "draw a straight line" through two random end data points to define a "trend". Experts don't.

    They use mean annual and five year means in trend analysis. Don't tell me I have to explain the difference to you. "

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    Quote Originally Posted by Superfreak View Post
    absolutely... especially given how long the chapter 7 will hang with a persons credit rating (ratings that no one can actually explain... which is another topic)
    Well that's surprising.

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    Quote Originally Posted by Darla View Post
    I would fully support free universal college and wish we had it.
    Education is a State power, talk to New York Government they might see it your way.
    Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but rather we have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.
    - -- Aristotle

    Believe nothing on the faith of traditions, even though they have been held in honor for many generations and in diverse places. Do not believe a thing because many people speak of it. Do not believe on the faith of the sages of the past. Do not believe what you yourself have imagined, persuading yourself that a God inspires you. Believe nothing on the sole authority of your masters and priests. After examination, believe what you yourself have tested and found to be reasonable, and conform your conduct thereto.
    - -- The Buddha

    It is the mark of an educated mind to be able to entertain a thought without accepting it.
    - -- Aristotle

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    Quote Originally Posted by Darla View Post
    I would fully support free universal college and wish we had it.
    So would I .. cradle-to-grave free education and healthcare for all citizens.

    If Cuba, Venezuela, Libya, and other countries can do it .. what's the problem?

    Student Debt and the Crushing of the American Dream
    By Joesph Stiglitz
    excerpt

    America is distinctive among advanced industrialized countries in the burden it places on students and their parents for financing higher education. America is also exceptional among comparable countries for the high cost of a college degree, including at public universities. Average tuition, and room and board, at four-year colleges is just short of $22,000 a year, up from under $9,000 (adjusted for inflation) in 1980-81.

    Compare this more-than-doubling in tuition with the stagnation in median family income, which is now about $50,000, compared to $46,000 in 1980 (adjusted for inflation).
    http://opinionator.blogs.nytimes.com...merican-dream/

    Student debt is crushing American education and students.

    PROFIT is the problem.
    AMERICAN HISTORY ITSELF IS A TESTAMENT TO THE STRENGTH AND RESILIENCE OF AFRICAN PEOPLE. WE, ALONG WITH THE COURGE AND SACRIFICES OF CONSCIOUS WHITE AMERICANS, LIKE VIOLA LIUZZO, EVERETT DIRKSEN, AND MANY OTHERS, HAVE FOUGHT AND DIED TOGETHER FOR OUR FREEDOM, AND FOR OUR SURVIVAL.

    In America, rights are are not determined by what is just, fair, equitable, honest, nor by what Jesus would do. Rights are determined ONLY by what you can DEMAND.

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    Quote Originally Posted by Damocles View Post
    Education is a State power, talk to New York Government they might see it your way.
    K I will get on the horn with Andrew right now, I have a hotline with him. he is always calling me. He is going to be laughing so hard because I only just got off the phone with him! He rang me up to find out what a bog man is! I know just what he will say "Oh darla, you are always forgetting something and have to call me right back! If I didn't know better I'd think you had a funny little thing for me!" Oh how we laugh.

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    Default Student loans anyone - Obama Student Loan Policy Reaping Record $51 Billion Pro

    Quote Originally Posted by blackascoal View Post
    The Obama administration is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation's most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.

    Figures made public Tuesday by the Congressional Budget Office show that the nonpartisan agency increased its 2013 fiscal year profit forecast for the Department of Education by 43 percent to $50.6 billion from its February estimate of $35.5 billion.

    Exxon Mobil Corp., the nation's most profitable company, reported $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo reported a combined $51.9 billion in profit last year.

    The estimated increase in the Education Department's earnings from student borrowers and their families may cause a political firestorm in Washington, where members of Congress and Obama administration officials thus far have appeared content to allow students to line government coffers.

    The Education Department has generated nearly $120 billion in profit off student borrowers over the last five fiscal years, budget documents show, thanks to record relative interest rates on loans as well as the agency's aggressive efforts to collect defaulted debt. A spokesman from the Education Department did not respond to a request for comment. A Congressional Budget Office spokesman could not be reached for comment after normal business hours.

    more
    http://www.huffingtonpost.com/2013/0...n_3276428.html

    Progressives?

    Not hardly.
    The irony is that Obama took over the student loans because it was immoral for banks to "profit" from college students. Apparently he wasn't opposed to "profit" just wanted tha profit to go to the gobblement instead.

    BTW student loan debt is the next bubble that will pop IMO

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    Quote Originally Posted by Superfreak View Post
    they are out fetching talking points from their Dem masters.
    :0) You funny.
    AMERICAN HISTORY ITSELF IS A TESTAMENT TO THE STRENGTH AND RESILIENCE OF AFRICAN PEOPLE. WE, ALONG WITH THE COURGE AND SACRIFICES OF CONSCIOUS WHITE AMERICANS, LIKE VIOLA LIUZZO, EVERETT DIRKSEN, AND MANY OTHERS, HAVE FOUGHT AND DIED TOGETHER FOR OUR FREEDOM, AND FOR OUR SURVIVAL.

    In America, rights are are not determined by what is just, fair, equitable, honest, nor by what Jesus would do. Rights are determined ONLY by what you can DEMAND.

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