Biden administration cancels $500 million of student debt of scammed students

[applegrove]

Biden administration cancels $500 million of student debt of scammed students

Published: June 16, 2021 at 11:18 a.m. ET

By Jillian Berman

The 18,000 students attended ITT Technical Institute, a for-profit college that collapsed in 2016

https://www.marketwatch.com/story/biden-administration-cancels-500-million-of-student-debt-of-scammed-students-11623856689?mod=home-page

"SNIP.....

Roughly 18,000 borrowers who were scammed by their college will have their federal student loans discharged, amounting to approximately $500 million in relief, the Department of Education announced Wednesday. 

These borrowers attended ITT Technical Institute, a for-profit college that collapsed in 2016 amid allegations the school used misleading job placement and other data to lure students into enrolling and taking on loans for degrees that proved worthless in the labor market. 

The 18,000 borrowers who will have their debt cancelled had filed claims seeking relief under the borrower defense rule, which allows borrowers who attended schools that were found to have misled them to have their federal student loans discharged.

‘Many of these borrowers have waited a long time for relief.’

— Secretary of Education Miguel Cardona

The Department said it will be notifying borrowers that their claims were approved in the coming weeks. 

......SNIP"

[demtenjeep]

1. a great start

Biden is the MAN

[applegrove]

2. I once looked into sewing/design classes at a private college in Montreal.

The people you met with on that busy registration day were brought in salespeople who had no clue about the classes and were only concerned with sales. They were obviously working on commission. I was disgusted. Bought the textbook from the bookstore and left.

[Botany]

3. Joe B. might very well go down as one of the best Presidents in history.

Last edited Wed Jun 16, 2021, 04:44 PM - Edit history (1)

Stay on point and tell the world what a great job that the Ds have done and are continuing to do
for the American people and turn out the vote in 2022 and crush the republicans.

This 18,000 people who the vast majority will support Biden and the Dems along with their friends and families.

[applegrove]

4. Your last line, did you mean Biden not Trump?

[Botany]

5. Thanx!

Botany =

[applegrove]

6. You're welcome.

[mackdaddy]

7. He should aso make all student loans ZERO interest to the students at a minimum.

The Fed inter-bank rate has been near zero for years.

Even the RW whackos that do not want to help eliminate these outstanding loans might go for making all the student payments go toward the principle instead of the mortgage like interest of the loans which you cannot get out of even in personal bankruptcy.

I taught at a community college for a few years, and saw how easy it was for these 18-20 year olds be saddled with as much as 40 grand in long term debt for a two year degree. These are real numbers as they had the easy loans for the two years of living expenses in addition to the direct school expenses.

I tried to warn my students about this, but hey 20 year olds...