Chickens come home to Roost,
With a vengeance.
Seven or so years ago Obama needed a way to pay for ObamaCare so he decided to nationalize the student loan business arguing it would turn a profit and help fund his great social goal of providing
Affordable Health Insurance.
Fast forward to now and the Fed and the CBO report there are no profits and student loans will lose $300 Billion Then in the next decade it will start to REALLY cost us.
Worse the predicted savings in administrative costs by letting the government control the paperwork has not worked out so well. Duh!
Worst of all the cost of a college education has skyrocketed as Universities seized the opportunity that perceived easy loans would increase demand by offering boutique degrees at higher tuition costs. The result is, naturally, graduates in jobs that don’t deliver salaries to repay the loans.
But have no fear, Bernie and Liz are promosing “ free” college education for all.
If you think College is expensive now just wait until it is “ free”.
But, of course, Liz has done nicely during the loan debacle. As a college professor at Harvard along with her husband , the couple has a net worth of $12 million. And they were teaching at a non-profit institution with a $40 Billion endowment, enough money to negate any need for tuition(currently $ 99,000 per year).