BOSTON (AP) — Massachusetts U.S. Sen. Elizabeth Warren says she is shocked that the federal government earned an estimated $66 billion in profit from student loans originated between 2007 and 2012.
Warren was reacting to a government report that revealed the profit Friday. A previous congressional report estimated that the government will pocket an additional $185 billion in profits on new student loans made over the next 10 years.
Warren said Saturday that the new report shows the government is squeezing profits out of young people and adding to the mountain of debt they will spend the rest of their lives struggling to repay.
Warren and eight other U.S. senators committed to wring government profits out of student loans and address the $1.2 trillion in outstanding student loan debt they say is crushing families and putting a strain on the economy.
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