Another perfect example how our out of control, corrupt, incompetent so-called government that has everything upside down…
Student loan defaults are a windfall for the debt collection industry.
Daily Caller: The U.S. government pays professional debt collecting agencies, on average, nearly 40 times the value of what they collect, according to joint research released Tuesday from the Consumer Financial Protections Bureau and government filings.
The federal government is annually doling out an average of $1 billion to debt collectors to retrieve borrowers delinquent debt, Bloomberg reports. Of course, it is American taxpayers, not the government, that are shouldering this hefty sum.
Currently, the government is particularly interested in retrieving outstanding student loan debt. Student loans are one of the most common and largest forms of borrowing in recent years, as families still hold to the belief that a college education is necessary for achieving the “American Dream.” The total value of outstanding student loans eclipses $1.3 trillion in 2017. More