Author Topic: Biden Admin To Cancel $415 Million In Student Loan Debt For Roughly 16,000 People  (Read 197 times)

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Biden Admin To Cancel $415 Million In Student Loan Debt For Roughly 16,000 People


Harry Wilmerding
Contributor
February 17, 2022 12:07 PM ET


The Biden administration announced Wednesday it will cancel $415 million in student debt for nearly 16,000 borrowers who claim they were misled by for-profit colleges.

The loans for almost 16,000 former students will be canceled under a legal provision called the borrower defense to repayment, which allows students to have their debts erased if they prove a for-profit school defrauded them, the Department of Education (DOE) said in a press release.

The DOE found that DeVry University, Westwood College, ITT Technical Institute nursing school and Minnesota School of Business/Globe University provided false information regarding their graduates’ job placement.


https://twitter.com/CNN/status/1494153268729163777

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https://dailycaller.com/2022/02/17/joe-biden-cancel-student-loan-debt-415-million/
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Offline Hoodat

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Quote
The Biden administration announced Wednesday it will cancel $415 million in student debt for nearly 16,000 borrowers who claim they were misled by for-profit colleges.

The loans for almost 16,000 former students will be canceled under a legal provision called the borrower defense to repayment, which allows students to have their debts erased if they prove a for-profit school defrauded them, the Department of Education (DOE) said in a press release.

So all 16,000 students proved that they were defrauded?
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Online Fishrrman

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If I had the power, I'd simply end government-backed student loans.

Simple as that.

In fact, I'd go further:
I'd ban private loans to students (to pay for tuition and expenses) as well.

Either pay "up front" -- or don't go.

Of course, not very many prospective students would be able to do that.

So... what would the response of the schools be when few students can pay their outrageous tuitions...?