Biden cancels student loans for art students as total cost of forgiveness could exceed $1 trillion
By
Haisten Willis
May 1, 2024 6:00 am
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The Biden administration has announced another round of canceled student loans, this time for $6.1 billion for 317,000 former students of the Art Institutes.
“This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” President Joe Biden said in a prepared statement.
Biden compared his approach to that of “my predecessor,” former President Donald Trump, who he said “looked the other way when colleges defrauded students and borrowers.”
However, conservatives and budget hawks argue it is taxpayers who are being hurt by Biden’s approach, as any loans that are not repaid will be added to the public debt.
The nonpartisan Committee for a Responsible Federal Budget released an estimate earlier this week that the combined total cost of Biden’s multifaceted student loans programs will cost between $870 billion and $1.4 trillion.
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https://www.washingtonexaminer.com/news/2985796/biden-cancels-student-loans-art-students/
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