Rep. Maxine Waters Tries To Pin Student Debt Crisis On Banks… But There’s A Huge Problem


Democratic California Rep. Maxine Waters: “Today, there are more than 44 million Americans that owe $1.56 trillion in student loan debt.”

Waters added, “Last year, 1 million student loan borrowers defaulted which is on top of the 1 million borrowers who defaulted the year before.” Then, she turned the questions on the bank executives, asking what they intended to do about the student debt crisis: “What are you guys doing to help us with the student loan debt? Who would like to answer first? Mr. Monihan? Big bank?”

The government took over student lending in 2010.

Daily Caller:

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Democratic California Rep. Maxine Waters challenged bank executives during a Wednesday morning hearing, appearing to blame them for the student debt crisis.

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What she appeared to leave out was the fact that student loans were nationalized nearly a decade ago under former President Barack Obama to cut banks’ ability to offer government-backed loans.

“By cutting out the middleman, we’ll save the American taxpayers $68 billion in the coming years,” Obama said when he signed the legislation in 2010. “That’s real money.”

Waters now chairs the committee that oversees those student loans. More

The gov’t has no business being in the student loan business in the first place but the ultimate responsibility lies with the one who signs on the dotted line.

Allegedly smart people who are attending college agreed to loans and enjoyed party time for four years and now it’s time to **gasp** get a job and pay it back.

I’m not the least bit sympathetic if they took out $100,000 to get their gender studies degree and now can’t find a job except at McDonald’s.

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