While I agree with the larger point about how 'niche' student loan forgiveness is generally, some specificity would be useful here, at least about the specific college loan forgiveness Biden currently enacted. It's for those students who enrolled in a particular university that engaged in shady practices. From CNN "The Department of Ed…
While I agree with the larger point about how 'niche' student loan forgiveness is generally, some specificity would be useful here, at least about the specific college loan forgiveness Biden currently enacted. It's for those students who enrolled in a particular university that engaged in shady practices. From CNN "The Department of Education has found that Corinthian Colleges misled prospective students about the ability to transfer credits and falsified its job placement rate. In 2013, Vice President Kamala Harris -- who was California's attorney general at the time -- sued Corinthian Colleges, alleging the school was engaging in deceptive and false advertising and recruitment...ultimately resulted in Corinthian selling most of its campuses in 2014 and closing the remaining ones in 2015"
So it was more like restitution, rather than giving a break to students for loans taken out going to NYU. Of course, as James Carville would say, if you're explaining, you're losing.
Sure seems a bit almost like a plot to suck gulls into a private scam system. And pass laws saying that debt was so special it can't be eliminated in bankruptcy court. And do some corporate socialism to guarantee loans to the fraudsters. Almost as if all those private for profit degree mills might not have sprung up if the owners actually might have had to carry the cost of loaning money to people who couldn't pay it off.
While I agree with the larger point about how 'niche' student loan forgiveness is generally, some specificity would be useful here, at least about the specific college loan forgiveness Biden currently enacted. It's for those students who enrolled in a particular university that engaged in shady practices. From CNN "The Department of Education has found that Corinthian Colleges misled prospective students about the ability to transfer credits and falsified its job placement rate. In 2013, Vice President Kamala Harris -- who was California's attorney general at the time -- sued Corinthian Colleges, alleging the school was engaging in deceptive and false advertising and recruitment...ultimately resulted in Corinthian selling most of its campuses in 2014 and closing the remaining ones in 2015"
So it was more like restitution, rather than giving a break to students for loans taken out going to NYU. Of course, as James Carville would say, if you're explaining, you're losing.
Sure seems a bit almost like a plot to suck gulls into a private scam system. And pass laws saying that debt was so special it can't be eliminated in bankruptcy court. And do some corporate socialism to guarantee loans to the fraudsters. Almost as if all those private for profit degree mills might not have sprung up if the owners actually might have had to carry the cost of loaning money to people who couldn't pay it off.
"that debt was so special it can't be eliminated in bankruptcy court". Yep, the created a perverse incentive on the part of diploma mills.