3 years ago
in English · 2,126 Views
likes 6clips 1comments 1
US Government Nets Over $40 Billion on Student Loans
"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. The $41.3-billion profit for the 2013 fiscal year is down $3.6 billion from the previous year but still enough to pay for one year of tuition at the University of Michigan for 2,955,426 Michigan residents. 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." The accounting method for this is a rather simple one however, and doesn't factor in "the cost of collecting delinquent or defaulted loans and looking at the risk taken by the government when it lends out money." Regardless, kind of weird to hear about a government program turning a profit.
CalDoofkinJr clipped in 1 collections