Student loan rates are set to increase this year and Obama’s student loan policy is reaping a $51 Billion Profit, according to The Huffington Post. This $51 Billion profit is a sum greater than the earnings of the nation’s most profitable companies and roughly equal to the combined net income of the four largest U.S. banks by assets.
The four most profitable companies in the nation recently reported, $44.9 billion in net income last year. Apple Inc. recorded a $41.7 billion profit in its 2012 fiscal year, which ended in September, while Chevron Corp. reported $26.2 billion in earnings last year. JPMorgan Chase, Bank of America, Citigroup and Wells Fargo reported a combined $51.9 billion in profit last year. Student loans are predicted to interfere with the economic prosperity of borrowers and their families.
Picture by Occupy* Posters