New graduates in America are used to facing an uncertain future while saddled with heavy debts. Now Sallie Mae, the firm that provides many of them with the financial wherewithal to complete their education, will understand how they feel. On Monday April 16th it was announced that two private-equity firms along with two banks, JPMorgan Chase and Bank of America, had agreed to pay $25 billion for America’s leading student-loan provider.
In the past decade the market for student loans has doubled to around $85 billion a year. Student numbers have swelled while incomes have failed to keep pace with the soaring cost of college education. Sallie Mae has over a quarter of the entire business in America. And though margins are wafer-thin the firm made a profit of $1.2 billion last year.
This profitability has attracted the interest of both Democratic and Republican lawmakers, seeking ways to save money while making education more affordable. Particularly vulnerable
A. express the current situation of student-loan
B. describe the banking industry of the U.S
C. show problems in politics
D. talk about the environment of education in the U.S
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