Department of Ed $$$ set to rival the Big Four combined

[Fillerguy]

The Obama administration is forecast to turn a record $51 billion profit this year from student loan borrowers, a sum greater than the earnings of the nation's most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.

Figures made public Tuesday by the Congressional Budget Office show that the nonpartisan agency increased its 2013 fiscal year profit forecast for the Department of Education by 43 percent to $50.6 billion from its February estimate of $35.5 billion.

Exxon Mobil Corp., the nation's most profitable company, reported $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo reported a combined $51.9 billion in profit last year.

At $1.1 trillion, student debt eclipses all other forms of household debt, except for home mortgages. It's also the only kind of consumer debt that has increased since the onset of the financial crisis, according to the New York Fed. Officials in Washington are worried that overly indebted student borrowers are unable to save enough to purchase a home, take out loans for new cars, start a business or save enough for their retirement.

Obama Student Loan Policy Reaping $51 Billion Profit

 

[newworldafro]

So if they adopted the idea by the new Senator that wants .75% interest rates as opposed to it going from like 3.4% to 6.8% starting this year, then they would take a major plunge huh??.....

So is the $51 billion just reinvested back out as loans???

 

[Fillerguy]

up

 

[88m3]

Officials in Washington are worried that overly indebted student borrowers are unable to save enough to purchase a home, take out loans for new cars, start a business or save enough for their retirement.

No shyt, I don't know how people my age survive.

 

[ltheghost]

No shyt, I don't know how people my age survive.

We have to hustle harder than everyone else just to break even. Living at your parents house while you are working two jobs. shyt is crazy. That bytch Sallie May is worst than having a baby momma. She stays getting my check at the first of the month.

 

[Domingo Halliburton]

So they going to put some of that back into schools? Of course not, we have to spend another trillion on a war.

 

[Rarely-Wrong Liggins]

Position - Entry Level Secretary I

Qualifications - PhD in Genetics, Astrophysics or Advanced Physical Mathematics Mechanicals. Will accept a Masters in any of the aforementioned subjects in addition to 15 years experience in a managerial environment directing synergies, profit hypotheticals and human capital productfication.

DoE - Go back to school and you won't have anything to worry about.

 

[newworldafro]

Position - Entry Level Secretary I

Qualifications - PhD in Genetics, Astrophysics or Advanced Physical Mathematics Mechanicals. Will accept a Masters in any of the aforementioned subjects in addition to 15 years experience in a managerial environment directing synergies, profit hypotheticals and human capital productfication.

DoE - Go back to school and you won't have anything to worry about.

Wanted - Cashier at McBurgerdys

Requirements - Ph.d in Robotics and Nano - Frying Technology,

 

[jadillac]

werent they talking about forgiving student loans not too long ago?

That's a crazy amount of money.