Competing against the private sector, government books $41.3 billion in student loan profit

The federal government made enough money on student loans over the last year that, if it wanted, it could provide maximum-level Pell Grants of $5,645 to 7.3 million college students.

Competing against the private sector, government books $41.3 billion in student loan profit Fd7f643be1d77c26430f6a706700b5d6

Competing against the private sector, government books $41.3 billion in student loan profit Fd7f643be1d77c26430f6a706700b5d6

The $41.3 billion profit for the 2013 fiscal year is down $3.6 billion from the previous year but it's a higher profit level than all but two companies in the world: Exxon Mobil cleared $44.9 billion in 2012, and Apple cleared $41.7 billion.

"It's actually neither accurate nor fair to characterize the student loan program as making a profit," Education Secretary Arne Duncan said during a July conference call with reporters after the Free Press and other news media reported on profits from student loans.

The department did not return calls or e-mails seeking comment before the story was published, but issued a statement Monday.

"The administration has taken steps to improve college affordability, and thanks to collective efforts, students and families are paying lower rates on their loans today than they would have otherwise," Stephen Spector, U.S. Department of Education spokesman said in an e-mail to the Free Press. "More must be done to bring down the cost of college, and we look forward to continuing to work with Congress, institutions, borrowers, and other stakeholders to make college more affordable."

http://www.usatoday.com/story/news/nation/2013/11/25/federal-student-loan-profit/3696009/

Competing against the private sector, government books $41.3 billion in student loan profit

Competing against the private sector, government books $41.3 billion in student loan profit

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