Student Loan Debt Owed To Federal Government Up 463% Under Obama

 

 

 

(CNSNews.com) — ” Since President Barack Obama took office in 2009, the amount of outstanding federal student loan debt owed to the government has skyrocketed, increasing by 463 percent. The balance owed currently stands at $674,580,000,000.00 compared to $119,803,000,000.00, where it stood in January 2009, according to the Financial Management Service’s latest monthly treasury statement.

Direct federal student loan spending began to rise rapidly in fiscal year 2010, when the Health Care and Education Reconciliation Act – one of the two laws that make up Obamacare — gave the federal government complete control over federal loans for education, the Direct Student Loan (DL) program.  This aspect of HCERA became effective July 1, 2010, when the amount of outstanding loans stood at $178,806,000,000. Since then, the balance has increased by 277 percent.”

 

 

   Not content to saddle our youth with the staggering amount of debt generated by profligate Federal spending , resulting in the fact that our children are already in hock to the tune of $30,000 at birth the smartest president ever has burdened our youth with over one TRILLION dollars in educational debt . These expenses are going to be an albatross around the young adult’s necks for the rest of their lives .