Student Loan Policy Reaps $51 Billion Profit - 8 News NOW

Student Loan Policy Reaps $51 Billion Profit

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The government makes a profit off what borrowers spend in making student loan payments. This year, that profit is a projected 43% increase.

The Congressional Budget Office released numbers Tuesday projecting the governments profit from student loans to a record $51 billion. It's an amount that surpasses Exxon Mobil's profit of $44.9 billion in 2012; Apple made $41.7 billion. 

The profit forecast for this year for the Department of Education surged from a February 2013 estimate of $35.5 billion. 

The projection comes while lawmakers are working to prevent the doubling of the Stafford federally-subsidized loan on July 1 from a 3.4 percent annual interest rate to 6.8 percent.

 

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