Nearly all of the increase occurs after 2008, which corresponds to President Barack Obama’s tenure in office, which saw the federal government take over the student loan industry from the private sector. The U.S. government’s cumulative borrowing of $707 billion U.S. dollars to issue student loans accounts for nearly $1 out of every $10 that the U.S. government has borrowed since President Obama was sworn into office. That makes Federal Direct Student Loans the largest single contributor to the hidden deficit of the U.S. government.
Posted on: Wed, 29 Oct 2014 16:45:41 +0000
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