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The US Government Will Make A Record $51 Billion Off Student Loan Debt This Year

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Mandi Woodruff
Business Insider
May 15, 2013

Student loan debt is now one of the Obama Administration‘s biggest cash cows.The government is poised to pocket a record $51 billion profit from federal student loan borrowers this year, according to a report by the Congressional Budget Office.

That’s roughly 40% higher than the CBO’s original forecast in February, $35.5 billion.

The Huffington Post’s Shahien Nasiripour helps put the new estimate in perspective:

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.”

Full article here

This article was posted: Wednesday, May 15, 2013 at 11:06 am





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