Who Got Rich Off the Student Debt Crisis?

Posted: June 25, 2017 in Uncategorized

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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.

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RIELPOLITIK

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)

A generation ago, Congress privatized a student loan program intended to give more Americans access to higher education.
In its place, lawmakers created another profit center for Wall Street and a system of college finance that has fed the nation’s cycle of inequality. Step by step, Congress has enacted one law after another to make student debt the…

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Comments
  1. Student debt is also killing the New Zealand economy – we educate a bunch of teachers, doctors, lawyers, vets, pharmacists, etc and they all go overseas because salaries are so low here they can’t repay their student debt.

  2. caldreamr says:

    On Jun 25, 2017 1:55 PM, “The Most Revolutionary Act” wrote:

    > stuartbramhall posted: “* * 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 feder” >

  3. Lara/Trace says:

    Racket in every sector, corrupt world…

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