discussion Biden cancels another $6.1 billion in student debt for 317,000 borrowers!

[GhostBox]

Step by step more and more people are getting help with their student debts

👏🏼👏🏼

- some people have been eligible for this forgiveness already but just didn't know about it. 
 

⭐️this makes around a total of $150+ billion forgiven for more than 4 million borrowers so far. 

[Cheers]

Doesn't apply to me so it's still fawk Biden

[Illuminati]

[PrettyHurts]

he's in desperate need of votes. time to get rid of it all 

[Johnny Jacobs]

The art institutes? 

[KKW]

It's crazy to think that amount only accounts for that many people 

[Illuminati]

3 minutes ago, KKW said:

It's crazy to think that amount only accounts for that many people 

That's around 19k per person but yeah it's a huge amount

[Communion]

FYI, this isn't his administration *electing* to do this. It's what the Department of Education is meant to and required to do by their own directives. Cases like these are where sudents take such schools to court and the school is found to have been improperly accredited or committed an act of fraud, for example. Once a school loses their accreditation, the Department of Education cannot collect on loans taken out to attend the college anymore. There's legal precedence that such debt is basically null and void that no DoEd could argue against such. Those who applied in 2023 for relief as part of the Sweet vs Cardona lawsuit seemingly had theirs discharged last year and this is record-keeping of those who were eligible yet didn't formally apply. 

 

In this specific case, the school closed down in 2018 after previous lawsuits and state AGs were prompted to open up their own lawsuits on behalf of students in their state against the company for the remaining debt, especially after multiple class action lawsuits were launched by students claiming to have been defrauded.

 

Again, the "well umm Trump's admin would have possibly defied the lawsuits" is *maybe* plausible but these appear as basic regulations the Department of Education should be expected to respond to and still needs to launch a greater initiative in making actual change on student debt.  This is amazing for those who finally have relief, but pressure is then required to push Biden further. Would none of this had happened if the original class action lawsuit was not put forward?

 

Quote

The Department independently reviewed evidence provided by the attorneys general offices of Iowa, Massachusetts, and Pennsylvania, which conducted multi-year investigations into, and brought lawsuits against, The Art Institutes and EDMC. 

What would be important is a Biden Education Department taking the energy to figure why for profit colleges are even a thing despite being ethically murky and an oxymoron. 

 

There basically needs to be an overhaul on ensuing more schools just like ITT Tech, DeVry, Phoenix University, Art Institute, etc. don't pop up in their place when one shuts dowb and creating this whole issue again. 

Edited May 1 by Communion

[305]

I'm not making any payments ever so might as well forgive me

 

[Mr_campbell]

Governments don't do this unless they're taking money from elsewhere, so who's getting hurt in the process ?

[Princess Aurora]

He should have done it when he was elected tbh

[Devin]

forgive mine too. 

[GhostBox]

When Trump was president he did nothing on student loan forgiveness. So we don't have to play the "but what if" card here. We already know. 
 

Anyway , it's great to have a president and admin who is actually doing something for once on this issue. Is it all that needs to be done? No but seeing progress is a great thing and we can push for even more. 👏🏼👏🏼

[ZeroSuitBritney]

Hope he still chokes on his own saliva tonight when he goes to bed 

[Communion]

55 minutes ago, Mr_campbell said:

Governments don't do this unless they're taking money from elsewhere, so who's getting hurt in the process ?

The lawsuit that unfolded regarding the Art Institute meant that the Dept of Education was going to have to discharge most of these loans anyway and already had done so for many who had signed on for the Borrower Defense application.

 

The math behind srudent loan forgiveness isn't really as simple as "forgiven and passed onto the taxpayer" but that's a discussion for another thread. 

 

 

 

Edited May 1 by Communion

[Kassi]

[Nintendoes]

Hope this doesn't apply to the Pro-Hamas students. 

[brraap]

How do we know which students were awarded this privilege  

 

Still sus to me 

[Tovitov]

My sister and parent were on the list. 137k in loans forgiven from this awful school. My parent might actually get to retire now. Im not even kidding btw. My sister and parents having been paying these loans off for a decade and havent made a dent. ******* life changing. THANK YOU JOE