Biden Administration To Forgive $1.5 Billion In Student Loan Debt

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The late 1960s was a grand time to be in college. That is, with the exception of the draft pulling so many young men into VietNam for their two-year stints, uncertain whether they would live to return. And of course, those guys with a college deferment used to make more money working summers in the physically demanding jobs than could young women. Still, it was possible to pay for your own college tuition and books by working a part-time job of 20 hours and receiving a Pell Grant. Since universities have raised their rates so dramatically, they effectively eliminated great swaths of potential students. Then, there are the unlawful universities that robbed their students. But President Joe Biden has arrived to save the day.

He ordered that the Department of Education cancel $1.5 billion in student loans for almost 92,000, CNN reported. They were the victims of the for-profit colleges’ fraud.

There was a 100,000 backlog of forgiveness claims that Trump’s people left behind.  Friday the department announced it would forgive $55.6 million after 1,800 students attended “Westwood College, Marinello Schools of Beauty or the Court Reporting Institute.”

Last month the Department of Education announced it would “forgive $500 million in student loan debt for 18,000 former ITT Tech students.” The students had been scammed. Plus, the ever inept former Education Secretary Betsy Devos had changed the cancellation calculation:

‘The department has since reversed DeVos’ changes under Education Secretary Miguel Cardona.’

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Westwood claimed students could transfer credits on their way toward a career as an Illinois police officer. The law enforcement agencies refused these credits. Then, there was Marincello:

‘At Marinello, students were misled about what instruction they would receive, the department said. Between just two to six percent of students graduated from the Court Reporting Institute, where they were often misled about how long it would take to finish the program.’

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Senate Majority Leader Chuck Schumer (D-NY) and Senator Elizabeth Warren (D-MA) have been pressuring the president to broaden the debt cancellations of loan debts of $50,000 per student.

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Thus far, President Biden said he would support a congressional move to cancel $10,000 per student. During the coronavirus pandemic, federal student loans were suspended. That suspension will extend until October.

Screen-Shot-2021-07-09-at-9.37.45-AM Biden Administration To Forgive $1.5 Billion In Student Loan Debt Economy Education Featured Politics Top Stories Senator Warren released a letter from to Harvard Law School:

‘Biden has also directed Cardona to write a memo on the president’s legal authorities to cancel debt. An executive action that broadly forgives federal student loans would be unprecedented.’

However, Harvard’s Legal Services Center plus its Project on Predatory Student Lending indicated that the Department of Education does indeed have the power to implement it.

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