Biden administration forgives $6.1 billion in student debt for 317,000 former Art Institute students

CNBC ^ | MAY 1 20246:00 AM | Annie Nova

[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.

[Bullish]

I can’t take any more of this!

Aww c'mon, it's for a good cause... To buy Biden votes.

/s

[montag813]

My own college had a “career center” that didn’t do sh*t to help me get a job after I graduated. Can I get MY loans forgiven? Oh wait...I didn’t take any loans, I worked 3 jobs to pay each credit in full. Guess I was a sucker.

[Toddsterpatriot]

Spending money to influence an election.
Sounds like a $6.1 billion campaign donation.

[realcleanguy]

There is no forgiven debt. The costs are just passed over to tax payers. The Feds have no money, only taxation.

[ClearCase_guy]

Biden just single-handedly passed a $6.1B tax hike.

Must be nice to have unlimited power.

[Secret Agent Man]

Former art majors ==> stay at home wives and starbucks baristas

[Mat_Helm]

Yes, I paid for most of my daughters education. One daughter I paid for her apartment by campus that cost me over $50,000 just for that alone. She did take out a Gov loan for which I paid the interest while she was in school and about half of what she owed. She paid the remaining $25,000 out of her pocket within 3 years of graduating. If she had taken loans for all of it she would have had another $80,000 to pay just for the one daughter.

Complete lawless use of the public trust! Now my taxes are paying for a war in Ukraine nobody wants or needs that is already lost unless Biden or Europe wants to start World War 3. How much are my taxes paying for all 20 million illegals Biden let in. This is all freaking nuts and a bad nightmare.

[Bshaw]

“Blatant vote buying. With other people’s money!”

In this case it’s art school students, so I’m going to go out on a limb and say 90% of them were voting Dem or not voting at all, before the debt forgiveness!

[usurper]

EDMC, made “pervasive and substantial” misrepresentations to prospective students about post-graduation employment rates, salaries and career services.

I believe you, this was fraud and the company is liable. Now what does any of this have to do with the tax payers, nothing.

It the government wants to civilly go after the company and reimburse the students with the judgment I'm all for it.

But for the government to reimburse the students implicitly implies that the government was in on the fraud from the start and shares liability. If that's the case them someone in the government is responsible and needs to be accountable.

[jonrick46]

$6.1 billion will add to the inflation. Buy as much gold as you can.

[jonrick46]