Big govt reaps big profits off the backs of college students

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In 2010, along with Obamacare, the federal government also passed student loan reform legislation. Now all student loans come straight from the federal government.

Why? Well, the Obama administration claimed that “big banks” were earning “evil” profits off of the backs of students who are just trying to get an education. Yes, the “evil big banks” are yet again to blame. If you believe that, you’re probably not going to like what Glenn exposed this morning.

It seems the “big govt” is making more bank of the backs of America’s college students than “big banks”. After putting private banks out of the student loan business, thereby eliminating all competition, they’ve earned more than $51 billion dollars in profits.

$51 billion dollars off of the debt of students.

“The student indebtedness in the last few years has now gone up under this president 250%,” Glenn said. “So, if you are a student, you are in more debt, 250% more debt, than before this guy got into office. And the profit for the United States of America is $51 billion.”

Here’s the real kicker. The combined total profit for the big banks — not just student loan profits — is $51.9 billion.

“All of the big banks, Citi, Wells Fargo, J.P. Morgan Chase, Bank of America, last year made a profit of $51.9 billion. The United States government, just on student loans, made $51 billion,” Glenn said.

That’s even more than the “evil” Exxon Mobile, who earned about $45 billion.

“This is why we can’t be soft spoken anymore,” Glenn noted. “And I don’t mean that we need to start yelling and screaming.  I mean, we have to be bold.  We have to be bold because ‑‑ no, no, no.  We have to tell the truth.  The power of the truth.  There’s power behind the words of truth.  And so you can shout them or you can softly speak them, but it is not you but the truth that gives those things power.  So we have to just start telling the truth.”

  • http://www.artinphoenix.com/gallery/grimm snowleopard (cat folk gallery)

    Call it what you wish – usury, interest, or a hundred other names…

    All that it has become for the Federal government is another money-making scheme to help break the backs of the middle class, and keep the lower class down once and for all.

    They seek to ensure, via control of the school loans and subsequent outrageous debts and interest, that only the people they deem worthy of success will do so. Another fine example of the left declaring everything has to be ‘by the fed, for the fed, and of the fed.’

    We once called this ‘Communism.’

  • http://www.artinphoenix.com/gallery/grimm snowleopard (cat folk gallery)

    Question – for some time there has been talk of the ‘student loan bubble’ being ready to bust at any moment. Is this being set up by the Federal government to occur just around the 2014 elections so that graduating students will have their debts forgiven in total or part, and thus secure more voters for the Democrat Socialists?

    Or is it the usual ‘ever-hungry for money’ methodology of the Federal government?

  • landofaahs

    It’s not just big govt. that profits, it’s the professors at the Universities making huge salaries who pass off teaching classes to undergrads while they write books. 

  • http://youtu.be/0iRCvDwF26Q Sam Fisher

    This is what socialism looks like. 

  • Stephan Bruno

    Yep republitards. Your president is still a nigger. 

  • Anonymous

    Wonder what these young people will think when all this comes due and THEY voted for Obama ?   It will probably STILL be the fault of Bush.

  • Anonymous

    Actually he started selling the loans back to the private sector, but as always, only the private sector buddies he wants to have the loans. Check it out, there’s a list of about 20 servicers he snuck into the Obamacare bill that he has been transferring loans to. They lobbied for it of course, that’s Obama.

    They will not forgive loans but the economy can’t recover with all this debt. That is why bankruptcy existed before the government decided that does not apply to student loans, and only student loans.

  • TWF

     I’m a conservative, but I don’t have student loan debt-I’m working to pay cash for everything.

    I guess those go hand in hand, right?

  • Sandie

    Government competing with the private sector. Hmmm

  • Anonymous

    I don’t mean to get off subject here but I was watching the news the day that George W. signed over the student loans to his “BANK BUDDIES” for getting him re-elected!  Then when Obama was elected, he signed over the student loans back to the Govt.  Go figure.

  • http://suzeraining.wordpress.com/ suz

    this evening i saw an interview w/romney on leno.  i like romney as a man for he is a good one but he’s still not going all out to take this president down.  he’s still that guy in the debate who just won’t bring up benghazi.

    we need a politician who’ll go all out and say (w/absolutely no pause) this president is a bad guy for this country.  this president is on the wrong side and here’s why…and then proceed to list the many (THAT GLENN DOES DAILY) lies and failures and evils of this president.

    i realize it’s much easier to say that than to be that but it’s what i want because it’s what’s required. i’m w/the guy who peed on the irs sign; the guy who got a standing o at the hearings because he ridiculed the irs.  i’m w/anyone who’ll flip off the bad guy because they deserve it.  this sentiment, this disrespect for those who have abused their power w/such reckless disregard for country is exactly what needs to be reflected more broadly.  not in an aggressive or violent way but in a way that teaches young people (and some old) that most in this particular government are worth spit.

    glenn asked tonight on the t.v. show “what is the truth?”  the truth is constant.  good and bad, right and wrong, saintly and evil are constants which never change w/time or w/your prospective or w/whose in the white house.  this white house blurs and lies and murders.  this white house is evil.

  • Anonymous

    And what’s really more sad is that most of these students support the man in the wh.  May God enlighten them through His Great and all powerful Holy Spirit.

  • AllThisisThat

    Student college loans are a bureaucratic nightmare!

    Just try getting through to the loan office to get your interest rates nailed down or a change of address!

    It takes hours and then they do it wrong and you have to go through the process again 3 or 4 times!

  • xuanshi483

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  • xuanshi483

     tinyurl.com/cnaff79

  • Pamela Peltonen

    Please take your filthy racist mouth elsewhere. We don’t want racists here!

  • http://twitter.com/JenniDavid1 Jenni David

    my nеigһb○r’s stеρ-аυnt mаκеs  $73/һ○υr ○n tһе lаρt○ρ. Sһе һаs  bееn ○υt ○f w○rκ f○r fivе  m○ntһs bυt lаst m○ntһ һеr cһеcκ wаs  $14193 jυst w○rκing ○n tһе lаρt○ρ  f○r а fеw һ○υrs. Rеаd m○rе  һеrе,,.,…. Fℴx85.ℂℴm

  • Kanak Attack

    Who in the private sector is competing for student loans?  ALL student loans are through the federal government.

  • Sandie
  • Anonymous

    Who do I talk to about a new tax checkbox?

    How about adding an option to direct my (already collected)
    withholding taxes to pay off my outstanding student loan? I got the degree, but
    the market for my skills has collapsed so you’re not going to get the money
    repaid anyway, not on minimum wage. I have no money, but I have a never-ending,
    ever-increasing debt which makes it impossible to borrow for a house, or in
    some cases, even get a job (some businesses check up on debt). Instead of
    giving our enemies a trillions of dollars that they will eventually use to harm
    us, why not help those here at home. This is a quick fix for many families who
    could use a hand, but aren’t able to get a handout.