The Government Accountability Office released a report on Friday stating that it is impossible to precisely set borrowing interest rates in advance on federal student loans. As a result, the federal government has earned an estimated $66 billion in profits from loans originated from 2007 to 2012. “Because Direct Loan costs fluctuate with changes
Government Pockets $66 Billion In Profit From Student Loans: GAO Report
‘‘This is obscene. The government should not be making $66 billion in profits off the backs of our students,’’ Sen. Elizabeth Warren said in a statement in response to the report.