Posted on 05/02/2024 11:56:22 AM PDT by RicocheT
The Biden administration announced that it would forgive more than $6.1 billion in student debt for 317,000 former students of The Art Institutes, the once-giant chain of for-profit schools.
The U.S. Department of Education concluded that the schools and its parent company, the Education Management Corp., or EDMC, made “pervasive and substantial” misrepresentations to prospective students about post-graduation employment rates, salaries and career services.
Eligible borrowers will get the forgiveness automatically, whether or not they went through the formal process for loan relief for defrauded borrowers.
(Excerpt) Read more at cnbc.com ...
Blatant vote buying.
With other people’s money!
Magic Johnson is into forgiving loans, too.
What a coincidence!
Republicans can’t say anything credible.
I don’t mean to call out the culprits here, but the DOE employs thousands of auditors that assure school operations meet or exceed standards which qualify them as an institution that meets those standards in order to be allowed to accept federally backed student loan revenues. The federal government itself is responsible for any fraud perpetrated on the students as well as the school officers being personally liable.
So it doesn’t matter what the Supreme Court says anymore???
Hold on but didn’t the Supreme Court already decide this was unconstitutional?
Did I miss something or is Biden just going around the Supreme Court decision...
To make it even more egregious, “Eligible borrowers will get the forgiveness automatically, whether or not they went through the formal process for loan relief for defrauded borrowers.” These worthless people went to a worthless school to get a worthless degree and now they don’t even have to lift a worthless finger to get paid off with OUR hard-earned money.
This crap keeps screwing us workers, too because all this loose borrowing exacerbates inflation.
I can’t take any more of this!
Every fidiot I knew who said they went to the “Art Institute” are crazy liberal women.
Was the “Art Institute” the one that advertised on matchbooks back in the day?
Art Institute? Was that the people that used to put out those “Can you draw Chippy?” ads where you were supposed to copy the turtle wearing a hat and send it to them?
When did Congress approve this huge e pedicure?
I missed that.
So now we have to pay for their worthless degrees?
Absolute bullshit....What do you say to all the students that spent years paying off their student loans? Sorry Suckers you should have waited for a communist take over of America. Sorry suckers you should have waited for the rule of law to collapse in America?
Lawless.
How many divisions does the Supreme Court have?
Yeah, my wife and I are two of those suckers. We paid off our student loans back in the 80’s. We earned degrees in Computer Science and Engineering, degrees that actually resulted in a marketable skillset.
“...made “pervasive and substantial” misrepresentations to prospective students about post-graduation employment rates, salaries and career services.”
I wonder if they made the same allegations (above) against most of the public and private institutions in the US?
I want the equivalent to whatever debt forgiveness Biden is giving all these people.
I will take my share in cash.
If they want to help out those who took out student loans, and i did as a parent for my son, why not just have it be interest free or a very very low interest rate?? That would save a lot of money for the borrower. This way NO ONER gets off Scot free. Also NO ONE is paying for anothers loan who already paid theirs back or never took one out. If one takes out a school loan they need to pay back every dime!!!!
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