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U.S. government making big money from student loan debts

Many young people across the country, including in Tampa, dream of going to college, and many of them are able to fulfill that dream. However, college is not cheap, which means many of those young people have to borrow money in order to pay for their tuition. Although some students find good paying jobs after they graduate, others find it very difficult to make enough to pay off their student loan debts.

Student loan debts are not only a financial burden for many college graduates, but they’re also a great source of income for the federal government. Student loan debts accounted for $41.3 billion in profit in the 2013 fiscal year for the U.S. government. That’s a higher profit level than all but two companies: Exxon Mobil and Apple, Inc.

However, the government prefers not to classify that money as profit and it released a statement saying the students and families are paying lower rates on their loans today than they otherwise would have, thanks to new efforts taken by the administration. Meantime, according to estimates, student loan debt across the U.S. is more than $1.2 trillion, which is higher than the amount the entire nation owes on credit cards.

When a recent graduate has difficulty paying off his or her loan it can lead to a lot of financial problems down the road. In some cases, people have to file for Chapter 13 bankruptcy as the only measure to get out from underneath the debt. Anyone who is considering bankruptcy as an option to overcome his or her student loan debt should seek the advice of an experienced bankruptcy lawyer.

 

Source: USA Today, “Government books $41.3 billion in student loan profits,” David Jesse, Nov. 25, 2013

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