Posted on 11/20/2022 10:17:29 AM PST by lowbridge
The Education Department is sending mass notices to borrowers who were approved for student loan forgiveness as a result of alleged school misconduct. Hundreds of thousands of borrowers will not have to pay back their student loans under a group discharge initiative.
“The Department of Education... has determined that the loan(s) you received... are eligible for full loan discharge,” says an email sent to thousands of borrowers. “This means the remaining balance on the loan(s) will be forgiven. You do not have to make any more payments on the loan(s).”
Here’s what borrowers should know.
The Biden administration is providing the mass student loan cancellation relief through Borrower Defense to Repayment, a program designed to remedy school misconduct related to false promises about core elements of educational programs.
In June, the administration announced that 560,000 borrowers who attended Corinthian Colleges would receive automatic student loan forgiveness through Borrower Defense to Repayment, regardless of whether or not they requested relief or submitted a formal Borrower Defense application. The national chain of for-profit schools, which collapsed in 2015, was accused of intentionally misrepresenting job placement rates and engaging in false advertising.
“Every student deceived, defrauded, and driven into debt by Corinthian Colleges can rest assured that the Biden-Harris administration has their back and will discharge their federal student loans," said U.S. Secretary of Education Miguel Cardona in a statement accompanying the June announcement.
(Excerpt) Read more at forbes.com ...
I paid off my student loan almost forty years ago. Do I get a refund?
If Jo Jo and his band of Feddies are really concerned about tuition reparations for the Snowflakes who wasted money on going to college, the best thing for them to do is set up a GoFundMe page for them.
Wait a damned minute:
When was it decided that I/WE are liable for the stupid decisions of others who bought a worthless education?
That’s what this is. It has NOTHING to do with the other vote-buying move by the administration.
I certainly didn’t request or receive a check or loan forgiveness for the dumbass mistakes I made as a young adult and I would NEVER expect others to subsidize my mistakes.
Hell yes! I graduated in ‘53 so I’m pretty much paid up.
“When was it decided that I/WE are liable for the stupid decisions of others who bought a worthless education?”
IBR was enacted in 2009.
Hmmm, the article doesn’t seem to indicate whether there is any clawback on Corinthian Colleges. They should be stripped of every penny to make taxpayers whole - that would include confiscating and selling buildings.
The national chain of for-profit schools, which collapsed in 2015, was accused of intentionally misrepresenting job placement rates and engaging in false advertising.
I bet that at least half, if not more, public and private colleges and universities would fail to meet the standards applied to those for-profit-schools.
I do recall that program, but this isn’t a repayment program:
It’s a total debt shift to taxpayers.
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