Monday, June 16, 2014

Federal Student Loan Debt increased over a half trillion dollars since Obama took office in '09, a 517% increase

From CNS News:
Since President Barack Obama took office in January 2009, the cumulative outstanding balance on federal direct student loans has jumped 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...

During President George W. Bush’s time [eight years] in office, the amount of outstanding loans increased from $67,979,000,000.00 in January of 2001 to $119,803,000,000 in January of 2009, an increase of 76.2%. This means that under President Obama - [in the five years plus that Obama has been in office] - the amount of federal direct student loans increased 579% more than under [eight years of] President Bush

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