Bohemia, NY (PRWEB) December 02, 2013
Rapid Recovery Solution, Inc. expresses concern over national college debt amounts.
According to a November 25 article from USA Today titled “Government Books $41.3 Billion In Student Loan Profits,” federal lending practices for school funding has become immensely profitable. The amount of total earnings from loans distributed in the 2013 fiscal year were enough to supply maximum-level Pell Grants to 7.3 million college students. USA Today points out that only two global corporations reported higher profits this past year: Exxon Mobil with $45 billion and Apple with $41.7 billion.
The federal government’s profiting from college students has ignited modest controversy around the country. Total student debt is estimated to lie in the neighborhood of $1.2 trillion, leaving many to question the morality of an apparent money grab from loans that are presumed to be subsidized. In response, U.S.
Department of Education spokesman Stephen Factor issued a statement, asserting, “The administration has taken steps to improve college affordability.” He went on to acknowledge, “More must be done to bring down the cost of college.”
John Monderine, CEO of Rapid Recovery Solutions, speaks out. “Commercial debt collection agencies have a front row seat for the inflating student loan bubble, which could become a national crisis sooner rather than later. It may come as a surprise to many to learn that the federal government actually makes money off college loans, but it’s certainly not a new development. Nonetheless, the numbers are remarkable and leave a bad taste in the mouths of many Americans.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.