Education Secretary Arne Duncan talks at Malcolm X Elementary class in Washington. (Photo: Susan Walsh, AP)
- The federal government education loan profit falls behind amounts of just two major businesses: Exxon Mobil and Apple
- Quotes reveal significantly more than $1.2 trillion in education loan financial obligation over the country
- Come july 1st, Congress needed a research regarding the real price of the student that is federal programs
The us government made sufficient cash on student education loans throughout the last 12 months that, if it desired, it may offer maximum-level Pell Grants of $5,645 to 7.3 million university students.
The $41.3 billion revenue when it comes to 2013 financial year is down $3.6 billion through the past 12 months but it is an increased revenue degree than all but two organizations on earth: Exxon Mobil cleared $44.9 billion in 2012, and Apple cleared $41.7 billion.
“that it is neither accurate nor reasonable to characterize the education loan system as making a revenue,” Education Secretary Arne Duncan stated during a July meeting call with reporters following the complimentary Press along with other press reported on earnings from student education loans.
The division failed to get back telephone telephone phone calls or emails looking for comment before the storyline ended up being posted, but issued a declaration Monday.
“The management has brought actions to boost university affordability, and because of efforts that are collective pupils and families are spending reduced prices on their loans now than they might have otherwise,” Stephen Spector, U.S. Department of Education spokesman stated within an email towards the complimentary Press. “More should be done to create along the expense of college, so we look ahead to continuing to work alongside Congress, institutions, borrowers, as well as other stakeholders in order to make university less expensive.”