As of September 30th, 2022, 93% of all student loans were owed to or guaranteed by the federal taxpayers. Per the U.S. Treasury, the federal government creates loan programs so that people who are "unable to afford credit at the market rate" or have a "high risk" of defaulting can borrow money at "an interest rate lower than the market rate." In 2010, Congress and President Barack Obama passed a law requiring that all new federal student loans be financed directly from the U.S. Treasury. The bill passed with 88% of Democrats voting for it and 99% of Republicans voting against it. Since then, Democrats have repeatedly tried to forgive student loans, thereby transferring this debt to taxpayers.