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There’s money that is big America’s $1.5 trillion in student loans — and a whole lot from it does not get merely to pupils.

Similar to Wall Street, the education loan funding industry can be a web that is interlocking of CEOs and lobbyists whom move effortlessly among the list of U.S. Department of Education, education loan servicing businesses, while the halls of Congress.

With presidential prospects such as for instance Sens. Bernie Sanders and Elizabeth Warren proposing education loan cancellations, pupil loan providers and servicers are actually drawn into America’s conversation that is political. Even though the servicer CEOs don’t http://cash-central.net/payday-loans-oh make Wall Street salaries, they still profit handsomely, while lobbyists tilt the system against borrowers whom lack influential advocates.