Lady Margaret Thatcher once said that “the problem with socialism is that eventually you run out of other peoples’ money.” Unfortunately, the U.S. Department of Education ran out of other people’s money about $1.4 trillion dollars ago. That’s the total outstanding student loan debt held by you, the U.S. taxpayer. If it sounds like a lot, it is. The federal government has pretty much crowded private lenders out of the student loan business. Uncle Sam now controls 90 percent of all student loans in the country.
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