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Elizabeth Warren blasts profits on student loans
Key Excerpts from Article on Website of Boston Globe/ Associated Press
Posted: February 11th, 2014
http://www.bostonglobe.com/news/nation/2014/02/01/warren-bla...
U.S. Sen. Elizabeth Warren said ... she is shocked that the federal government is earning an estimated $66 billion in profits from student loans originated between 2007 and 2012. [She] was reacting to a Government Accountability Office report [issued on January 31]. 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 [the] $1.2 trillion in outstanding student loan debt they say is crushing families and putting a strain on the economy. We cannot bury our heads in the sand and pretend the profits dont exist, or use accounting tricks to make them disappear, Warren said. Its time to end the practice of profiting from young people who are trying to get an education and refinance existing loans. Warren has [introduced a bill] that tries to pressure colleges to keep costs down for students and ensure they get a meaningful diploma when they graduate.
Note: For more on government corruption, see the deeply revealing reports from reliable major media sources available here.
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