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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