SHOCKING:Student Loan Debt Has Quadrupled Under Obama While Job Prospects Have Decreased

According to the Financial Management Service’s latest treasury statement and as reported by CNSNews, the amount of outstanding federal student loan debt owed to the US Government has increased 463 percent since President Barack Obama took office

In January 2009, the balance owed stood at $119,803,000,000. As of today, the total outstanding debt is $674,580,000,000.

In Obama’s first year and a half in office, federal student loan spending increased to $178,806,000,000, an increase of 67%. The ballooning of student loan debt did not come until July 2010, when the federal government ended its process of giving subsidies to private banks to give out federally insured loans. Instead, as dictated by the Health Care and Education Reconcilliation Act, the Department of Education became the sole issuer of federally insured loans. Since July 1, 2010, the federal student loan balance has increased 277%.

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