I thought Obama nationlized student loans to ELIMINATE the profit motive - Granite Grok

I thought Obama nationlized student loans to ELIMINATE the profit motive

As part of Obamacare, the Feds nationalized the college level student loan programs – and a lot of Leftists complained about the profits that banks and other loan brokers were making (sound familiar – they’ve been saying the same thing about insurers and the healthcare industry).  Too much on a vulnerable population (and we heard calls to make ALL higher learning free).  So, how well has the Obama Administration done in eliminating profit?  Oh, you don’t say (emphasis mine, reformatted)!

Government books $41.3 billion in student loan profits

The federal government made enough money on student loans over the last year that, if it wanted, it could provide maximum-level Pell Grants of $5,645 to 7.3 million college students.  The $41.3 billion profit for the 2013 fiscal year is down $3.6 billion from the previous year but it’s a higher profit level than all but two companies in the world: Exxon Mobil cleared $44.9 billion in 2012, and Apple cleared $41.7 billion.

So, I hear ALL the time from environmentalists about Big Oil profits – large in the aggregate but smaller when you actually look at the profit margin but a discussion that includes profit .  So, how will it be explained that Big Government is making all this profit on the poor, struggling, young students?  A most vulnerable group according to Democrats!  Er, isn’t this the SECOND way that the Obama folks are screwing the young  as Obamacare is making them donors for wealthier Seniors in the Exchanges?

“It’s actually neither accurate nor fair to characterize the student loan program as making a profit,” Education Secretary Arne Duncan said during a July conference call with reporters after the Free Press and other news media reported on profits from student loans. The department did not return calls or e-mails seeking comment this week.

The numbers track the entire fiscal year that ended Sept. 30. They come as concern continues to mount about the level of indebtedness by college students and graduates. Estimates show more than $1.2 trillion in student loan debt across the nation, more than the nation owes on credit cards.

Gosh – Obama is crushing these poor folks, already in debt – simply to make the the Obamacare numbers look better (which was one reason student loans were nationalized in the first place, to make the CBO numbers better so it would pass).  So kiddies, how’s it feel to have been used as pawns by a Government that doesn’t care much?

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