College and university presidents (who overwhelmingly supported the Obama campaign in 2012) are more skeptical than expected about the President's effort to reform federal financial aid, according to a recent poll. The most controversial part of the reform proposal includes instituting a national system of ratings and tying federal funding to highly-rated schools.
The federal government posted a $41.3 billion profit on student loans last fiscal year, while student debt soared past $1 trillion.
President Obama has gone on a college-affordability blitz over the last week, preaching to choirs of students that his new proposals will make college cheaper and easier to pay for.
President Obama shares his education reform proposals with students at the University at Buffalo.
Neal McClusky, with Cato, joined the program to talk about the run-away tuition costs, and the declining value of American Higher Education. John also took a look at how the student loan crises in America is just another symptom of big government at its worst.
Privately held student loan debt surpassed 1 trillion dollars last November. More money is owed in student loans than in privately held credit card debt. This past year, bank write-offs of student loans are up almost 35% from the previous year.
Shortly before Congress enacted the Obamacare law in March 2010, then-House Speaker Nancy Pelosi famously said, "We have to pass the bill so that you can find out what is in it."
FICO released a new study that analyzed 10 million credit files to find trends within the student loan industry. The group concluded that the student loan industry is on an unsustainable path (but I think we knew that already).
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