Posted on 08/27/2021 1:30:07 PM PDT by Borderline
The U.S. Department of Education announced Thursday it will cancel $1.1 billion in student debt for 115,000 borrowers.
The relief will go to those who attended ITT Technical Institute, a for-profit school that is now defunct. The school is accused of misrepresenting itself and steering students into pricey private loans. These borrowers didn’t finish their degrees and left the school after March 31, 2008.
(Excerpt) Read more at cnbc.com ...
Unreal. So landlords can’t collect rents, “students” don’t have to pay back loans, but I still have to pay my mortgage, capital gains, and now apparently my family has to pay taxes because I die at an inopportune time.
This administration is straight up communist.
My daughter is a freshman in college. I saved a lot of money to pay the bill.
My plan all along was if they cancel student debt i will in fact take out the amount they are cancelling per student and i will not pay it back. Maybe i will send them $25 a month once they start threatening me.
Lawsuit wont work, the money is already gone. The school closed it’s doors due actions by Obama.
Yup.. Anyone who paid cash gets zip! The tax payers get to foot the bill for the others.
I still have to pay my mortgage, capital gains...
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And don’t forget, any dividends you may receive have already been taxed at the corporate level. You have to pay taxes on them too. Double taxation, albeit at a somewhat reduced percentage.
The trick is to invest like the lawmakers do. They know where to put their money because they write the tax laws.
This one has been a long time coming. ITT, in my opinion, has been defrauding students with false employment statistics and ROI information for decades. While the Department of Education shouldn’t exist, in this instance the case involves low income and relatively vulnerable (gullible) students who believed the hype put out by the school even though the school knew that there were no jobs for the student-borrowers. This one should be a bi-partisan issue. Where DOE failed is that they should have acted 20 years ago. If the federal government is going to get involved in the student loan market (a bad idea), then it should at least make sure it’s not facilitating fraud by educational institutions.
Correct on all points.
My my. They are so generous with our money!
So far, the lucky winners of the “Cancel My Student Debt” Game are:
1. Permanently disable people.
2. Students at HBCUs. Cancelling debt there is called “rethinking college.”
3. Ex students at ITT.
This disease is bound to grow and grow and grow. The camel has nose firmly under the tent wall.
So how do I file for a rebate on the paid-off student loan debt for my sons?
More theft by government.
My first thought as well... I saved and invested for 20 years to pay my kid’s college. Seniors now. And banned from opening Fanny Mae mail, hehe. They need more money they have to justify it with the big boss, ‘she who must be obeyed’. That behavior on our part is now a bad thing.
Camel's nose, unfortunately. Next will be poor Harvard grads that never made money as 'promised'. Once started down this path, it ain't a gonna end.
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