WASHINGTON—U.S. officials no longer think the government will make money off the federal student-loan program and now project it will cost taxpayers tens of billions of dollars in coming years, according to a new congressional estimate.
The program is losing money after a surge of borrowers defaulting on loans or enrolling in plans that ultimately will forgive a portion of their debt.
chris_panagakis In that case the feds will have to award loans based on academic accomplishment, until they run out of allocated funds.
realDonaldTrump: Obama nationalized Federal Student Loans in 2010, which quickly got us tax-payers into this escalating mess. Please emphasize this overlooked root cause while out campaigning.
Thank you Barney Frank.
And like a fool worked hard saved and paid for daughters college with savings not loans. Daughter responded by graduating early and starting a great career. You can prosper in America if you work at bring successful
I graduated from the University of GA debt free under a state grant available to anyone maintaining a 3.0. if you can't hold a 3.0 at a state school do something else with your life.
Basically...😐
Who didn’t see this coming. This is the same federal gov’t that Bernie Sanders wants us to trust our health care to.
chris_panagakis Government run. Nuff said.
It was idiotic to nationalize the student loan industry in the first place. Thanks a lot, Obama.
If the taxes payers will have to foot this bill eventually doesn’t it make sense to tax the wealthy to cover free tuition
So why not just have free college and loan forgiveness since it’s going to cost a bunch of money either way
The real result of Govt control socialism, ever more taxes keeping ppl in poverty except the rich
The federal government mishandles everything. And people want them to take control of our healthcare (More then they already do!?)
Stop this program!
It sure would be great to have all loans forgiven. The market has become so over saturated that the diploma isn’t worth what it was before. I’m not planning on pushing my kids to college like my parents did. Trades is where it’s at. studentloans
All profits for the 1% and for profit corporations.
Use your GI Bill. You earned it.
Maybe program selection needs to be factored into whether a loan is granted. Too many students are wasting money on programs with no future.
Drop in the bucket, totally not forgiving shit, pay up suckers
Eliminate the program. It’s not helping students and enriching colleges and universities with no value to society.
Isn’t that roughly how much Trump declared in business losses?🤔
Seems like the lede here should include: because of defaults.
We don’t educate our kids for free but we give billions to corporations sad
Darn! Better just forgive the loans then 🙂
A paltry price to pay. Except when it comes out of your paycheck. If it's someone else's paycheck, like those jerkwad rich people, well, that makes it all better. This article triggers me. I need a comfort pig. And maybe a glow worm.
Huh what a shock
votes dont pay for themselves
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Wall Street Journal: McKinsey hired to review federal student loan programThe Trump administration is retaining the consulting firm McKinsey to assess the federal student loan portfolio as the government weighs selling off some of the debt to private investors, The Wall Street Journal reports this week in “how much more evil can we be?” Interesting. Rich getting richer. Here comes the payoff. Screw the loan holders and the taxpayers. Reward Republican donors.
Source: CNN - 🏆 4. / 95 Read more »
Should student loan debt be canceled?The rising cost of education and the increasing necessity of a college degree in many professions have led to an explosion in student loan debt in the U.S. Sen. Elizabeth Warren has proposed the most radical measure: an aggressive proposal to tackle the problem by canceling $1.25 trillion in student yes.....just this one act of socialism, PLEASE !!!! I am pleading here !!!......and then we can go immediately back to full proof Capitalism....... Yes Yes
Source: YahooNews - 🏆 380. / 59 Read more »
Trump Administration Hires McKinsey to Evaluate Student-Loan PortfolioThe Trump administration has retained private consultants to estimate potential losses in the U.S. government’s $1.45 trillion student-loan portfolio and is weighing selling all or portions of the debt to private investors. Are we headed for another round of sub prime lending issues, this time for student loans? 🤔 GOP wants to keep Americans in debt, they are investing in our debt Easy solution is to stop borrowing money
Source: WSJ - 🏆 98. / 63 Read more »
99% Of Borrowers Rejected Again For Student Loan ForgivenessMore than 99% of borrowers were rejected for student loan forgiveness. The 1% who were forgiven had a surname of 'BANKS' if you borrowed the money you should repay it I borrowed it. I’m willing to pay back what I borrowed with interest. But these rich scum bags who are not willing to pay their share of taxes or whatever they are due are un-American thugs.
Source: Forbes - 🏆 394. / 53 Read more »
Opinion | Canceling Student-Loan Debt Is a Bad IdeaOpinion: “I agree with Elizabeth Warren that we need to address the skyrocketing tuition costs at American universities. But complete student-loan debt forgiveness is not the solution.” Maybe star running schools as institutions of learning instead of for-profit diploma scams? Dah! Schools just keep raising tuition prices and the tax payer covers it.
Source: WSJ - 🏆 98. / 63 Read more »
99% Of Borrowers Rejected Again For Student Loan Forgiveness99% of borrowers have been rejected again for student loan forgiveness What's the criteria for student loan forgiveness? I don't understand why they don't make student loans available at 1-2% instead of the current 5-9%. These rates are higher than car loans...this is one area where the government can actually play a role.The dems free education idea is stupid, but the 5-9% rates are also too high when if you not understand bank what mine translate for me and five a reason you dor me if you now
Source: Forbes - 🏆 394. / 53 Read more »
99% Of Borrowers Rejected Again For Student Loan ForgivenessThe latest student loan debt statistics show that more than 99% of people who applied for public service loan forgiveness have been rejected Can concur. you go giry Get rid of her
Source: Forbes - 🏆 394. / 53 Read more »
Tesla rolls out employee loan benefit as factory workers cope with unpredictable hoursTesla rolls out employee loan benefit as factory workers cope with unpredictable hours Does not give the feeling of confidence in $tsla
Source: CNBC - 🏆 12. / 72 Read more »
Elizabeth Warren's student loan debt calculator tells you how much of your debt could be canceled if she's president'Give it a try & tell us how much of your student loan debt will be cancelled,' the senator tweeted. Pay your own debt. You borrowed it. You promised to repay. Plenty of responsible people make tough financial decisions so they can pay their loans back. PLEASE STOP trying to buy votes!🙄These candidates sound like they're running for president of the senior class of a high school. A loy of wampum!!!!
Source: Newsweek - 🏆 468. / 52 Read more »
Charlie Munger: Be afraid when a democracy thinks it can print money to solve all its problemsCollege in America is expensive. Students graduate with an average of $37,172 in student loan debt, the country as a whole has more than $1.5 trillion of it and Americans are becoming less convinced that a four-year degree is worth the cost. Watch this video to learn how higher education became big business, hear from students facing mounting debt and explore how we might be able to solve the student debt crisis. Could this guy be anymore of a bullish signal for $BTC 🤣🤣🤣🤣🤣 Which is different than printing money to finance tax cuts for the rich - That makes sense? Charlie, give it a rest. Darn... 😉
Source: CNBC - 🏆 12. / 72 Read more »
'I could actually plan my life': What student debt forgiveness would mean for borrowersWhen Elizabeth Warren released her sweeping student debt forgiveness proposal last month, many borrowers imagined how their lives would transform if their loan balance shrunk or disappeared. CNBC spoke with people about how Warren's proposal would change their circumstances. I wrote this article in November 2016 — use the Fed to address the problem at the source. HelicopterHope Government should lower the education fees or else there is a debt trap A common man cannot Avoid. Somethings should be subsidised at the Government level for the sake of common man. In the end it will help in nationbuilding and empowering common people.
Source: CNBC - 🏆 12. / 72 Read more »