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The History of Student Loans & the Scam it became

A look at the 55-year history of federal student loans: By Connie Cass via AP

(Some excerpts/takeaways, then link to full story)

-Why did Uncle Sam get into the college loan business?
The short answer: Because the Russians launched Sputnik...

-Taxpayers took the risk; bankers got the rewards.

-To keep money flowing to college students, Congress gave the Education Department power to step in and buy private loans from lenders.

-Uncle Sam took over. Now, the entire federal student loan program belongs to Washington.

- The Federal Reserve prints money for free, gives it out at near 0% interest and by the time a student receives a loan, his or her interest rate is around 7-10%

-Students who go into public government careers can have their loans forgiven or discounted.

Student Loans 101: Why Uncle Sam is your banker



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Schools profit, students

Schools profit, students flounder.
Government saves us again!

Southern Agrarian