Taxpayers face a loss of $435 billion on the $1.37 trillion in student loans on the government’s financial statement at the beginning of this year, even if no additional loans are issued going forward, according to an internal study by the Department of Education, reported by the Wall Street Journal which reviewed the documents. Most of the losses would come from the already established income-based repayment programs and the debt forgiveness at the end of their term.
But who ultimately got this money, since students were just the conduit? The educational-financial-industrial complex, of course, the entities that have lined up to clean out the taxpayer via these student loans. Billionaires have been printed in the process, enabled and encouraged by the government since 2009. Any solution to the student-loan crisis needs to include measures that shut down that money-transfer and return the government’s role in student loans to where it had been before 2009.Taxpayers Face $435 Billion in Student-Loan Losses, Already Baked in: Leaked Education-Department Study — https://wolfstreet.com/2020/11/22/taxpayers-face-435-billion-in-student-loan-losses-already-baked-in-department-of-education-study/
And let’s not forget who The Great Enabler was behind the college leaders’ lack of caring for their students College Presidents Fail to Protect Students from Covid-19 – College Clusterfuck Update 11.22.20. Politicians, of course.
We. Are. Doomed.