A generation ago, Congress privatized the US student loan program, creating a major profit center for Wall Street. Today, just about everyone involved in the student loan industry makes money off students – the banks, private investors, even the federal government.
Source – revealnews.org
– “…Decades ago, the federal government relinquished direct control of the student loan program, opening its bank to corporations concerned with profits, not diplomas. Private equity companies and Wall Street banks seized on the flow of federal loan dollars by peddling loans that students sometimes could not afford and then collecting fees from the government to hound those students when they defaulted”
(A History of Student Loans Every Student Should Read: Who Got Rich Off the Student Debt Crisis – by James B. Steele and Lance Williams)
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