America’s now-nationalized student loan industry just reached a value of $1 trillion, according to Citigroup, growing at a 20 percent-per-year pace. Since President Obama nationalized the industry (a tacked-on provision of the Obamacare bill), tuition has gone up 25 percent and the three-year default rate is at a record 13.4 percent.
Ron discussed this problem last night with Larry Kudlow:
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Something has to be done with the student loan screw up. I am not saying give me a ticket to ride, I borrowed I will pay back but the added fees and misrepresentation by Sallie Mae and USA Group funds is a disaster. More than twice the amount in debt and the obscene overlooking of the loans is another black mark on America's on strong banking/government system
ReplyDeleteSomebody's a$$ better may me back for all the student loans I paid off out of my own pocket!
ReplyDeleteWhat a fool I was for paying back ALL my student loans. Makes me sick when I read stuff like this, and I'm 32.
ReplyDeleteAnother pay-off to another group that supported his re-election. I guess it will be 'reparations' after this. This administration is a collective of thieves. Hide your valuables.
ReplyDeleteWhen given the choice between having their student loans payed off and getting a really good job any college grad would prefer the latter.
ReplyDeleteThe College students already voted Obama in so what is this for?
ReplyDeleteI could use the help paying some of these loans back..I've been paying faithfully since graduation in 2009 but at this current rate i'll be paying the rest of my life!
ReplyDeleteWell, hell, why stop there? I've paid on my mortgage for 28 years and with unemployment and borrowing to start a business owe more than I bought for. Wouldn't be a problem if Home prices weren't in the toilet. I need a bailout, too, but either everybody gets one, or nobody does. That keeps the even playing field.
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