The US Government Will Make A Record $51 Billion Off Student Loan Debt This Year

Businessinsider.com reports: Student loan debt is now one of the Obama Administration's biggest cash cows. The government is poised to pocket a record $51 billion profit from federal student loan borrowers this year, according to a report by the Congressional Budget Office. That's roughly 40% higher than the CBO's original forecast in February, $35.5 billion. The Huffington Post's Shahien Nasiripour helps put the new estimate in perspective: "Exxon Mobil Corp., the nation's most profitable company, reported $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargoreported a combined $51.9 billion in profit last year." Student debt is second only to mortgage debt in American households, and it's the only kind of debt that's steadily increased even throughout the recession..