Government books $41.3 Billion profit on 2013 student loans

[Leviathan]

[eynon81]

pictured here: the state drinking the blood of the youth.

[Indy]

Did I not post about this when Matt Taibbi wrote an RS piece about it? How the banks and yes, the gov't, are preying on our youth who want to seek a higher education (I could very well not have)?

And even worse: these loans cannot be discharged through bankruptcy or anything else should something happen to you. I believe in some instances the gov't came after the families of students who had DIED, seeking the balance.

Enjoying your freedom Americans?

See, this is how it works--you transfer the wealth of the country to the upper 10% and then make everybody underneath a debt slave.

[eynon81]

[Winchester]

It's a disaster in the making. At worst it ought to be run on a break-even basis. Unfortunately even if they did that, it doesn't address the huge increases in out of pocket costs being passed on to students. It also doesn't address "soft" degrees and whether they ought to be subsidized along with STEM type degrees and vocational schools.

I sorta feel bad for students who had parents that either couldn't or wouldn't pay for their higher education or at the bare minimum have the skills to help their kids with a cost/benefit analysis as to whether it's worth it. If this isn't addressed now the cycle will continue as some of these "kids" will still be paying off student debt right up till the time their kids hit college age.

[Dylan]

I have decided I shan't pay mine back. I will save, minimize my AGI and pay the monthly minimum until it is forgiven or another exit option becomes available.

Makes more financial sense anyway and I can keep these bloodsuckers from profiting off me.

[Professor]

Why is the government making loans with interest? The government is not a for-profit business. It's is in their interest to have people get educations as cheaply as possible. I don't understand why they'd want to profit.

Wait, was that "profit" calculated as money taken in over-and-above costs incurred to process the loans? Does it take into account all the Federal employees handling the loans and such? Or, is that just calculating the interest and calling it profit?

The govt should charge just enough interest to make it a zero-sum product.

[Indy]

[Leviathan]

[Dylan]

Yup. And nobody wins. It's joke.