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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)

1957
-Why did Uncle Sam get into the college loan business?
The short answer: Because the Russians launched Sputnik...

1972
-Taxpayers took the risk; bankers got the rewards.

2008
-To keep money flowing to college students, Congress gave the Education Department power to step in and buy private loans from lenders.

2010
-Uncle Sam took over. Now, the entire federal student loan program belongs to Washington.

2012
- 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%

2013
-Students who go into public government careers can have their loans forgiven or discounted.

Student Loans 101: Why Uncle Sam is your banker

http://bigstory.ap.org/article/student-loans-101-why-uncle-s...

http://www.twitter.com/ConnieCass



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Schools profit, students

Schools profit, students flounder.
Government saves us again!

Southern Agrarian