Worthy Christian News » Federal Student Loan Debt Up 517% in 5 Years

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Worthy Christian News » Federal Student Loan Debt Up 517% in 5 Years

(CNS / Worthy News)– Since President Barack Obama took office in January 2009, the outstanding balance on federal direct student loans has gone from $119 billion in 2009 to a staggering $739 billion, or an increase of 517.4 percent.

The balance owed as of the end of May was $739,641,000,000.00. That is an increase of $619,838,000,000.00 from the balance that was owed as of the end of January 2009, when it was $119,803,000,000.00, according to the Monthly Treasury Statement.

Earlier this month, Obama announced new executive actions to allow five million student-loan borrowers to cap their monthly payments at 10% of their income, according to the White House. — Source

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One Comment

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  • David M. Brefka
    17 June 2014 at 9:17 am - Reply

    Sounds like it's time for a Student Loan Bail Out! After all it's almost a Trillion $$$ just like when the Banks needed a helping hand. LOL

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