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Reply to "What is going on with student loans?"
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[quote=Anonymous][quote=Anonymous]Why is the president allowed to just hand out money like this? These loans should go back to banks so taxpayers don't have to foot the bill.[/quote] Banks don't want to be in the student loan business, unless you're a high paid lawyer, doctor, or dentist. The default rates are way too high. In hindsight, Obama did a huge favor to these banks by forcing them out of the student loan business and making 94% of loans to be Direct Loans held by the Department of Education. The banks would've been so f#cked had they kept all those student loans that have defaulted in the past 5 years or stopped payments.[/quote]
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