#AceFinanceNews – UNITED STATES – The US government made enough profit from student loans in the last year to provide full Pell Grants of over $5,600 to 7.3 million students.
But, like many government financial issues, accounting methods complicate the story.
The $41.3 billion student-loan profit for the 2013 fiscal year – which ended on Sept. 30 – is actually down by $3.6 billion from 2012, but still enough to out-profit all but two global companies, ExxonMobil and Apple.
The numbers give pause since estimates show more than $1.2 trillion in student loan debt exists in the US, more than Americans owe on credit cards.
Yet officials and experts point out that there are various ways of accounting for how the US Department of Education runs the student loan program, and that calling this pure profit is misleading.
RT – US Media and News Sources