The Department of Education canceled an additional $55.6 million in student loan debt for 1,800 students who were allegedly victims of a for-profit college fraud, bringing the total amount of canceled student loan debt by the Biden administration to $1.5 billion.
This is an institution overseas. We’re responsible for that too.
This is similar to the alleged predatory lending by banks for homes under the Obama administration. It was a fraud, an excuse to hand out free money to their constituents. The truth is that Democrats forced banks to lend to people who couldn’t afford to pay the loans.
The Left also doesn’t like for-profit anything.
“Today’s announcement continues the U.S. Department of Education’s commitment to standing up for students whose colleges took advantage of them,” Miguel Cardona, the secretary of education, said in the department’s statement released Friday.
The latest loan cancellation is for students who attended Westwood College, Marinello Schools of Beauty, and the Court Reporting Institute.
With the additional 1,800 students, the Biden administration has canceled student loans for nearly 92,000 people. The $1.5 billion of canceled loan debt is an attempt by the Biden administration to address the backlog of forgiveness claims left by the prior administration.
“The Department will continue doing its part to review and approve borrower defense claims quickly and fairly so that borrowers receive the relief that they need and deserve. We also hope these approvals serve as a warning to any institution engaging in similar conduct that this type of misrepresentation is unacceptable,” Cardona added.
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Some Democrats are pushing for more and broader student loan forgiveness.
More than 60 Democrats sent a letter to Biden on June 23, urging him to extend the pause of payments and interest for federal student loans, stating that the pause provided immense relief to borrowers and families during the pandemic and would “present a significant challenge” if ended.
They simply want to give away our money endlessly to buy votes and force socialism into our economy.
wpDiscuz
