Posted on 01/20/2016 5:55:02 AM PST by doldrumsforgop
Americans are flooding the government with appeals to have their student loans forgiven on the grounds that schools deceived them with false promises of a well-paying career—part of a growing protest against years of surging college costs.
In the past six months, more than 7,500 borrowers owing $164 million have applied to have their student debt expunged under an obscure federal law that had been applied only in three instances before last year. The law forgives debt for borrowers who prove their schools used illegal tactics to recruit them, such as by lying about their graduates’ earnings.
The U.S. Education Department has already agreed to cancel nearly $28 million of that debt for 1,300 former students of Corinthian Colleges—the for-profit chain that liquidated in bankruptcy last year. The department has indicated that many more will likely get forgiveness.
The program could prove to be one of the few lifelines for hundreds of thousands of Americans buried in student debt after attending disreputable schools that failed to land them a decent job. Federal law prohibits student debt from being discharged in bankruptcy, except in rare circumstances, and the Supreme Court last week declined to hear a case that could have expanded bankruptcy options.
(Excerpt) Read more at wsj.com ...
So, if I take out a loan on a car that doesn’t live up to promises made by the dealership, can I have my loan forgiven?
I cannot argue the point that the schools defrauded them, suckers.
Can I do the same about my taxes? I’ve been defrauded by the federal government for decades about where it’s going to be spent
Hmmmm paid for college myself working this thing called a “job”. Chose a field where I could see lots of current jobs. Graduated with zero debt and started work in my field one week after graduating. And I’m no genius.
,,,,,,,and Ill bet these yutes were all for govt. control of these student loans when 0bama took over the helm . Right away the tuitions began to rise quickly and there’s no competition for the govt. . Happy now college yutes ?? Maybe Hillary can buy your vote now with a promise of free tuitions,then stick it to you like the last Bum .
Regis, I'd like to use the American taxpayer lifeline...
People bought into the online schools by the fantasy of an easy degree that would get them the perfect job. What they didn’t want to do was work. They didn’t want to hold down a full time job and go to a “real” school.
Now they have to pay for their dream. Think of it as being like borrowing money to play the Powerball lottery
How will the students prove the schools made promises that were lies? Will all college students be able to get out of their loans or just students whose schools filed for bankruptcy or were otherwise closed? Our government bails out all sorts of companies and countries, so I don’t have a problem with this. Rather American students be helped than foreign countries or businesses that are deemed too big to fail.
If students were defrauded by a school by false or misleading advertisement, they should sue the school. Also, the AG of the state where the school is located should investigate schools accused of defrauding students and if warranted, those schools and the people accused of fraud should be prosecuted.
It’s not just on-line schools that are the problem. A friend of mine taught in a computer school for a while. All the students were getting grants or loans. Not one of them would ever get hired! Not smart and not motivated. When he flunked them the school was very unhappy. He left after that one semester.
Sue the colleges please..
you knuckleheads
That’s because people go to “computer school” because they hear they can make money but programming is a specific skill set. You either love it or hate it. Not everyone can do it. It’s also an extremely time consuming major. When I took programming in school, we averaged 20-30 hours a week in the computer room.
You don’t see a lot of old programmers. They burn out quickly. I work in a building full of them (and I am one). But if you love it, it is the best job ever.
It's called the free market!
So you are saying all those degrees in “Women’s Studies” and “Queer Theater Art Theory” Yada Yada Yada aren’t fraudulent because they are from Yale and Harvard, but an online accounting degree that actually produces students that pass their CPA exam first try is fraudulent?
All I can say about that is that the institution that allegedly taught you to reason is itself fraudulent.
Pretty soon there will be a massive movement by the libs for a taxpayer (middleclass) bailout.
Frankly, I want to sue the government for mismanaging my social security deposits.
Rule #1 of liberalism: NOTHING is your fault.
Only about 35% of students graduate from an online school after 6 years and that’s with really sketchy data provided by the schools.
Then you have a degree from an online school.
It's not an either/or. How about "none of the above"!
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