Biden just canceled hundreds of millions in student loan debt -- do you qualify?

[ShazamIam]

Nancy Sarnoff
Wed, June 16, 2021, 12:17 PM·4 min read

Biden just canceled hundreds of millions in student loan debt — do you qualify?

The Biden administration has announced it's wiping away hundreds of millions of dollars in student loan debt for borrowers who said they got ripped off by their school.

This latest wave of debt forgiveness comes on top of at least $2.3 billion in student loans that the Department of Education canceled earlier this year. Those borrowers now have more room in their budgets to save, invest or get a handle on their other debts.

As millions of Americans wait for word on whether President Joe Biden will provide massive student loan forgiveness, here's a look at whether you might be covered by the new action.
Who's eligible for the latest forgiveness?

The fresh debt forgiveness is going to students who attended ITT Technical Institute and made claims against the school for misrepresentation or deceit, the Education Department announced Wednesday. ITT, a for-profit technical school that operated campuses across the U.S., closed in 2016.

Eligible borrowers will receive 100% loan discharges, totaling about $500 million. Claims from some 18,000 students have been approved, the department says.

"Our action today will give thousands of borrowers a fresh start and the relief they deserve after ITT repeatedly lied to them," Education Secretary Miguel Cardona says in a news release.

More at:

https://finance.yahoo.com/news/biden-just-canceled-hundreds-millions-172700191.html

[CurtEastPoint]

1. What Would Betsy Forgive?

[ShazamIam]

8. Betty thought they ought to be forced to labor for below a living wage and pay it all back. Prison

for those who refuse. For profit prisons are nothing but slavery where the taxpayer foots the food and housing bill and the employer gets nearly free labor.

[Wahyee]

2. Clickbait title - this is very specific loan foregiveness /eom

[ShazamIam]

3. I am at a disadvantage here, I picked a source with the details and no wall. Here is the

entire google.news listing of articles. I don't know if you are signaling awareness or looking for an argument?
https://news.google.com/stories/CAAqOQgKIjNDQklTSURvSmMzUnZjbmt0TXpZd1NoTUtFUWpGd2R5R2s0QU1FUXlaVmo2bmk4V25LQUFQAQ?hl=en-US&gl=US&ceid=US%3Aen

This is only $500 mil, but clearing debt for one of the worst offenders and this will help many of the poorest and remember according to that law passed back in the 80s, that first cut federal tax support for state colleges resulting in extreme rise in costs for students, it made the loans unforgivable, even Social Security checks and disability checks can be attached for these funds.

This move also signals to me that the Biden Adm is going to take a systematic look and approach at the problem.
I am opposed to a blanket forgiveness without some compensation for those who are making less than $100k/year who have paid off their debt.

edits: typos, thihs to this,

[Wahyee]

4. Directly from the OP

The fresh debt forgiveness is going to students who attended ITT Technical Institute and made claims against the school for misrepresentation or deceit, the Education Department announced Wednesday. ITT, a for-profit technical school that operated campuses across the U.S., closed in 2016.

[ShazamIam]

6. If you want to call it a click bait title because it is only $500 Mil, fine.

[Wahyee]

7. it's clickbait because it applies to a very small population

If you got rid of the "do you qualify" and added "for ITT" students, it would not be CB.

[ShazamIam]

9. I posted the google news list of articles, which one would you have picked? There are

limits to the words in an article title.

[VegasVet]

10. Absolutely this. The title is indeed clickbait.

[marble falls]

5. More than half the titles on news these days is pure click bait.

[Farmer-Rick]

11. These were people who were cheated

And were left to pay back illegal loans. Note that you had to have made a claim against the school for misrepresentation or deceit.

I knew a recruiter who worked for ITT...for a very short time... They were ruthless and targeted poor, uneducated people and attempted to get them to take out student loans. They conned them into thinking it was free money for education from the federal government. And they frequently guaranteed job placement in their specialty, which of course didn't happen.

Is there a scam out there that the rich have Not tried yet?