President Obama won two national elections in large part due to the hard work and support of struggling American college students, who believed his promised reforms would alleviate their financial difficulties and souring job prospects.
Five years later, under the president’s watch, cumulative student loan debt owed to the U.S. federal government has increased 463 percent.
CNSNews recently reported that student debt levels have deepened substantially–and at an accelerated rate–during Obama’s time in office. In fact, student debt increased 509 percent faster under Obama than under Bush.
The money is owed directly to the federal government, which has become the biggest player in the student loan game by effectively crowding out private lenders. JPMorgan Chase, for instance, stopped authorizing student loans last month, citing limited growth potential and the unstable debt situation.