Federal Student Aid head will step down. His office has been roiled by FAFSA problems

First on CNN: The head of the Federal Student Aid office, which has faced criticism for the botched rollout of this year’s college financial aid form, will be stepping down.

           

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1ºSTUDENT LOANS “FORGIVENESS” —

Here’s what’s actually going on with student loan “forgiveness”:

1. In most cases, the students themselves have already paid off the loans. Taxpayers aren’t “paying off” the loan.

2. But, in most cases because of the crooked interest rates, a student who had, for example, taken out a $30,000 loan and had so far paid the loan company $40,000 and yet still owes another $20,000 on the principle, is now going to have the loan terminated.

BOTTOM LINE:

> The loan company has already been paid the $30,000 in principle that the student borrowed, and has also collected $10,000 in interest.

> The only thing that’s going away is the exorbitant ongoing interest that the loan company would have collected.

> Now free of the crushing interest from the loan company, the student and his/her family can once again be able to spend money that actually contributes to America’s economy instead of going into the pocket of a loan company.



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