Why banks make more money than Apple and Exxon combined

I would place a wager–similar to the one that the banks placed on subprime loans in the last decade–on a bet that the public in general doesn’t realize how much money banks are making off of student loans.

They are making a killing.

Yet, in his article entitled “The Legacy of Debt”, sociologist David Fasenfest reports that bank profits from “private student loans exceed that of Apple Computing and Exxon-Mobil combined.”

Photo by JSchueller2

Leave a Reply

Your email address will not be published. Required fields are marked *