Biden cancels $72 million in student loan debt for borrowers who went to for-profit Ashford University | CNN Politics
Even though President Joe Biden’s student loan forgiveness program was blocked by the Supreme Court earlier this year, his administration is moving forward with more targeted student debt cancellations allowed under existing programs.
I was explaining to my daughter why Americans are paying for college attendees huge tuition bills. She asked if she would be able to get a higher education. I said universities are indoctrination camps and teach group think. I told her learn a trade or skill so she can rely on herself. Do nothing jobs are going away. This way she can support her family whenever she needs to. But her choice in a husband will need to fill that roll. It was a sad conversation. I didn't say she couldn't do what she wanted but she had to navigate all the lies and gaslighting. I was uncertain of her future.
The universities are raking in huge tuition fees, which students can only pay b/c of loans. The universities are a racket, a leftist racket. They thrive whether the graduate gets a job or not, if the debt gets paid or not.
100%…as soon as the government guarantee the student loan money for colleges, tuition skyrocketed because they knew they would get theirs no matter what.
That is the real scam. The universities have no risk. They get paid no matter how high the tuition.
Provisionally. Colleges didn't used to be this way.
If you pitch all colleges then you may as well pitch all religions. There are lots of problems in many churches, so what, get rid of those all to?
The big Liberal Universities are for sure a problem, many many smaller ones yes, but not all. Don't throw the baby out with the bath water.
I know LOTS of good places, and a lot of kids that go for free. There are more scollarships and grants out there than people know., and a lot of them are full rides. My kids graduating class, one girl got scollarships for 12 full rides, because no one else applied. The bigger issues are:
HS students are rarely taught how to find, take advantage of financial aid opportunities.
Crap degrees & fields of study are a big part of college problems.
Business administration, IT Science, Chemistry, yes. All solid degrees.
Underwater Basket Weaving, Racial Studies, Astrology (yup, 4 yr. Degree). These need weeded out. College can be/will be good, just like government, gotta get rid of the crap floating around killing it.
My son was doing an Elec Eng degree at UCSD and they MADE him take a full language proficiency year that he couldn't do alongside his credit heavy major so had to take an extra year just to do the stupid language classes which he will NEVER use. Also a bunch of Making of Modern World crap because he was required to be in a subdivision of the university that he did not choose and was more geared toward Liberal Arts/Social Justice focus. Incredibly frustrating. SO GLAD that is over as of this summer. He's totally based and will use his skills for noble goals. So grateful. No jabs, got his religious exemption altho they pushed back... No masks.
Agreed.
As with most things, I think the college discussion should look to history to see why it is what it has become. IIRC, going from memory here, way back colleges were a way for the higher class to refine their knowledge, stand out in education compared to the public who, at best, generally had elementary school education. boarding schools would specialize and refine, with academies and university about the only place you could get specialized knowledge, doctors, mathmaticians, hard sciences, philosophy, etc.
In the more recent past my childhood understanding was yes, there was crap out there, but college was there to do a few things.
Make you more well rounded as a person, exposing you to a plethora of diciplines and help you understand the many facets of life.
Teach you how to learn, more on the intellectual level, but there you go.
ancilliary, how to get a job for your chosen profession. Practicums and internships are (were?) highly encouraged.
Unfortunately, college requirements for jobs has become so prevailent, pretty much everyone is encouraged to go, which created high demands (what we saw developing in the 80's), we have tons of junk colleges with junk degrees everywhere.
Short reply, agree. Trade or 2 year degrees are excellent for most people. it is a shame higher learning has been ravaged by idiots, fools and facists/commies.
What time frame are you referring to when you say, "Colleges didn't used to be this way." You'd have to go back 50 years or more to get me to agree with that statement. And even before then, it is an, "I don't know because it was before my own experiences."
Colleges and universities make a mockery of the inflation rate. Take the inflation rate and quadruple it or even more. This has been the tuition rate of universities and colleges, since the 1970s.
As far as the scholarships and grants, yea, there out there, but not that easy to get.
Yes, I'm referring to 50+ years. Even then, however, I'm just not a fan of hyperbolic over generalizations. It is easy to say ALL colleges are crap. But it simply isn't true, even today.
Yes, scolerships are hard to get, but parents can do a lot to help with that. By helping their kids look. They are there.
The following is the quote from [u/ArmyLady:](/u/ArmyLady:)
to which you responded by saying:
As a rule of thumb, u/ArmyLady statement is so true. I suppose somewhere in this vast land we live there 'might' be an exception, but it would surprise me greatly. Her statement for at least the last 50 years is so true. I lived it and experienced it. My brother and my friends all lived it and experienced it. It's common knowledge to all those that went to college.
Yes. It changed while I was in college.
By the time I left, this conservative midwest religious college had invited Gloria Steinem and her sidekick (name I do not remember) into the main girls' dorm for a talk. Later when the U wanted donations, I wrote to the dean of students explaining why I was not contributing, she denied it happened. Maybe someone sneaked them in without the dean knowing?
I can barely read most of the Alum magazine, liberal gobby-de-gook. Army magazine is getting to be the same way, sadly.
Citing personal experience, I have also graduated from college. Most of my family has. Friends as well.
I have attended private college and university. Also attended public local colleges. Perhaps the difference is Red vs. Blue state, and also size of school.
I agree with the OP by and large. You and i also seem to agree, as per rule of thumb, that is the case, agreed.
However. Again, my caveat was do not lump ALL colleges and universities together. By going to college you should know this too.
This is why we have discernment. If that college is gonna teach you liberal garbage and they have no value, why are you going there???? There are literally thousands to choose from. Either choose a different one and move on, go to a trade school like many in my family have, or go straight to the workforce.
Likewise you can marry into money, but that discussion is for another time.
meh let's not conflate religions with churches XD churches being 501c3 and falling under the government thumb regardless of what religion they claim to follow probably isn't a bad comparison.
I do all the time. And I usually get down voted for it.
The student loan scam is designed to create indentured servitude that is intentionally inflicted on society's most naive. Student loans are a crime against youths that needs to stop now. More importantly, blaming and punishing our children because they were victimized by this scam is not the way to redress the situation.
The general counter argument is that even if this was fraudulent, the taxpayer shouldn't be forced to bear this cost. On that we all agree. However, blaming the students is equally bad. The schools, banks and politicians that benefited from the scam should be required to repay these loans out of their own pockets.
nah, I don't think I will
outside of an exceedingly select few, everyone is an adult when they attend college.
If your first adult decision in life is to take out 6 figures of debt for an East Asian literature degree, that's on you. Maybe you should have spent a gap year thinking about how your Starbucks job is going to repay that.
At some point we stop infantilizing these retards and just treat them as the adults they are.
Exactly! Stop blaming the victims and start punishing the actual criminals!
Oh they are definitely in on the scam!
I work in engineering and can already think of a dozen aspects of my job that can be automated away by AI at the rate things are going, I'm going to need to change careers again long before retirement as I don't see my job lasting another 30 years.
Smart minds are always in demand. I think eventually it will be, who can use current tech to their advantage?
The best IT guy is always the one best at google searching.
Before that, the one who remembered to bring their networking book with them to work
Ai is much the same.
You will do fine especially once Trump is back
AI still has limitations and you still need to give AI keywords to explain what exactly you want. Then I imagine you will still need to do tweaking.
I "WAS" and ME and had to change careers due to what happened to the engineering field when the indis came over...they went to OUR collages and then got jobs here and were the lowest paying...companies too advantage of that and OOOPS...sorry, we are NO longer hiring, that position has been filled...Instead went back to school got a degree in Computer Science and retired after 31 years in the field...
NOTE: there is always a way out of the box, one just have to think about their situation and take note of where they want to be BEFORE retirement!!!
How can the truth be a "sad conversation" regarding such facts?
Great job in your parenting, Keep it up!
As in its a dam shame . If I could just wake up and it not be true. See. I'm wondering if your being sarcastic?
Not being sarcastic fren.
Wish more parents would inform their children of the corruption within our education system...
An old high-school friend of mine had a son who decided (as a teenager) that he wanted to be a carpenter. His parents forced him into Computer Science. Not knocking CS or anything, but he had a view of something that he really wanted to do (working with his hands) but he was pushed in a different direction because his parents didn't want their kid working a blue-collar job. Too much like the Poors, dontcha know.
Both parents had dads that worked industrial jobs and that just wasn't good enough, even though it provided them with a really good start in life. I was too polite to inform them that all those degree-holders are going to need someone to fix their houses (or their cars or their plumbing). And the fewer of those tradesmen there are, the higher the $$ will be for their services.
Healthcare is iffy and tyrannical, but stable. I wouldn't go there. Would she like to be a beautician and work in a salon?
My friend just added a door to her house and her own beautician room and her clients are coming to her house now and she doesn't even rent a suite anymore. She rented the suite after working in a salon for 3 years, and had a clientele. People will always need haircuts and endeavor that a short and sweet!
Ya. Get all your jabs yearly. No thx. Maybe after Trump gets back and we get rid of communists in our country.
If everyone said no and quit we wouldn't be in this situation.
also cancel all property taxes as well. we are paying taxes on something we already own.
Yep. You don't pay on taxes and they take it. That is why you should pay off a house and rent it.
Don't sell to BlackRock. Just get paid and let house appreciate.
*eminent domain has entered the chat*
When I was much younger and my parents told me about "Property taxes" my mind was blown. Even at like 12 or so. I was like huh? why would you need to pay rent for land you already bought once.
wish i could give you 10 uppies for that
why not, aliens are living free in hotels
Long term goals/indoctrination. Reward the loyal up and comers.
Bribes.
Dangle the carrot for the other serfs, show them what loyalty will bring.
Also breeds division and jealously, divides us more, so not looking at real enemy.
Votes. Lost the black vote, now they have to do this.
Like every thing else they do, it will backfire.
and what about all of us who worked all out lives to pay for our homes? Does that seem fair?
I am shocked and dismayed that the Biden Administration is not following the law.
I work in an industry where I see people’s credit reports and qualify them for loans. I was given a letter yesterday from a client that she just received from NelNet/DOE that said her $60k+ student loans on her credit report were forgiven, the new balance is $0 and she owes no more payments. The letter went on to say it was thanks to the Biden/Harris administration. THIS is how the left is campaigning for 2024! I shook my head in dismay and totally agree that this can’t be legal but I was looking at it in writing.
Additionally, the “Biden/Harris“ administration has made sure that these people will also not pay taxes on the forgiven money like homeowners did during all the short sales in 2007/2008!
So disgusted.
Follow up on her credit report in a year or two. The tax bill from this loan forgiveness is going to hit these people like a ton of bricks.
Google this student loan forgiveness plan, and you will find that they have safe guards in place that prevent the borrower from being taxed on the forgiven amount! That’s the part that irritates me the most
I know the last plan had this in it and it wouldn’t surprise me in the least. How has this not been challenged yet especially after flying in the face of the last Supreme Court ruling…
I feel like they’re just trying to overwhelm the justice system with all the crap they’re pulling.
I can’t speak for all the cases, but for a significant number, such as my case, the loans are being forgiven under existing law which allows your remaining balance to be forgiven after you’ve made 25 or 30 years of consistent loan payments, depending on the type of loans. In my case, I made the mistake of consolidating my ex-wife’s student loans with mine back in the day so we just had one payment. Her portion was much more than mine, however because they were now in my name, I got stuck with them after we divorced a dozen years later. Fast forward to a couple weeks ago and I was looking for a new fixed rate loan to refinance the balance of around $40k at a lower rate when I discovered the balance was now zero. I thought it was an error, but a couple days later I received a letter stating that because I’d made 300 payments, the balance was waived, and that I’d in fact get a small refund for overpayment. The law was there, but in the past you had to file for the forgiveness. Now it seems they are being proactive. The letter also states that any waived balance is NOT considered federally taxable. State law may vary. Do I feel guilty for getting the loan forgiven? Not one bit. After 25 yrs I already paid far more than the original balance back to the Feds.
My clients student loans were less than 10 years old, and she has never made a payment, ever. She has been in deferment the entire time. I looked more into that regulation that let you be forgiven after a certain number of years and the way it’s written Includes zero payments. Meaning someone can be deferred forever and then finally get it for free. I took my daughters student loans out in my name instead of hers so that she was not burned right out of college and I paid over $100,000!
I know a couple of people who got their loans forgiven. I asked them about the tax bill and they insisted they were told they don't have to pay taxes on it and it's not considered income. I guess we'll see.
Now, it's out in the open. They are doing anything they want.
Yes
This is exactly what's happening. They're following existing law. In the past student loan servicers were supposed to keep track of this stuff, and cancel loans when certain terms are met, such as all ontime payments for 20 years. They just haven't been doing that, and now the administration is making them do that to score political points with their base.
I'm a little sad this comment is not higher.
good dig/analysis
Yep…. Personally I remain unconvinced that they are even doing much of anything I bet most people still will not have terms honored and it will be hard to prove how many were “helped”
How about the cash buyers? I'd like a responsible citizen refund, please.
THEY don't like responsible citizens, so THEY aren't going to help us.
Vote buying 101. The population on the Democrat plantation just increased by 3.4 million.
this is what i was thinking as well.
Great, so I paid off all my student loans by myself for nothing? Thanks Biden, really looking out for those of us who work for a living, ain't ya?
How did we get here? One way was the training of foreign inserts into positions of power and government on your tax dime through grants and loans.
To unwind, that will have to stop.
This is fine. I still have faith that this all will be reversed come the new administration. These kids get their loans forgiven, learn nothing, go out and buy a new car with a $600 note, can't afford it, demand biden forgive it, find out it wont happen, cry on tik tok, dont vote for a dem since they hung them out to dry, new administration comes in, and makes them start paying those forgiven student loans, plus the car note.
I paid my student loan but owe $34k for my truck. A little help mr president? My ancestors were not American and my English sucks if that helps. Yes I have lots of hair you can sniff you fucking pervert.
that is funny!
$73 million for 2300 averages over $31,000 each.
Wow, buying votes is getting expensive. That inflation will get ya!
How? They literally don't have the authority.
yeah, despite the Supreme Court ruling! They are picking and choosing, saying some unis gave misleading info, so cancelling debts for their students. Other provisions of thousands of pages of regulations they can twist to their nefarious purposes.
Picking winners and losers. Winners, some students; losers: students who paid their debts and tuition or who did not go to college, students who didn't get forgiven (and shouldn't either), taxpayers, common sense, etc.
If the students were defrauded, they should sue the universities!
Why should the taxpayers be involved in student debt at ALL!
One more federal program that never should have existed.
and the supreme court said so...but the potato doesnt care..
This is not to help the students. This is to help kept the "higher education" scam going.
Scary if true, what makes you think so frog?
HIgher Education is there new liberals are born.
That system is falling apart. The "students" coming out of that system do not have the skills they need to complete in a real capitalist market. (Not all of course)
If they did have the skills and what they learned was good they would not need a student loan bailout.
The simple fix which the liberals cannot allow is easy.
End what Bill Clinton and the democrats did when they passed a law that made student loans a priority debt when it comes to bankruptcy. A debt that is almost impossible to discharge.
End that nonsense and higher Ed costs will drop like a rock. Why? Simple, banks will not be handing out loans like candy. Not if they have to take on the risk.
Without massive loans higher Ed will drop their prices or they will not have enough students to survive.
How many banks are going to hand out loans for degrees that have no real-life prospects of employment.
Banks and their officers have a fiduciary duty to protect shareholders. Handing out loans that can be expected to have a higher than average chance of failure will create major problems for those banks and officers.
So as I say, if they really cared about the students they would treat student loan debt like any other debt.
Of course that would be an adortion of the college new liberal birth system
Yup.
I'm gonna need some credit card debt forgiven.
Why not based on this logic?
Wait until the Supreme Court finds out !
SCOTUS ruled this was illegal, yet they do it anyway. Do we need any more evidence that this is a completely lawless and illegal administration? When will enough be enough?
And here I got a basic 2-year community college degree, to stay within my means. A friend of mine got accepted at one of the big liberal arts unis, to the program of his dreams. He didn't go, though, because he knew even his dream job would never pay off the loans, and he couldn't get enough financial aid...back around 25 years ago, when they still had prestige, and tuition was a fraction of what it is today. Today, I can't even imagine the debt involved. But, let's just cancel this debt, for the irresponsible, instead of incentivizing schools to lower tuitions.
You and your friend made wise decisions, only to see those that made unwise decisions have their debts "forgiven" whilst those universities have no incentive to make tuition affordable. You get it!
I paid off my student loan, where's my money? XD
Does the government pay the loan when it's canceled?
The government guarantees the student loan to the lender in my understanding so it would have to be yes. That was the intent, for the government to back up the loans so it would be easier for students with no income and no assets and no credit history to get tens of thousands of dollars of loans. Let that sink in. A loan to someone with no income, no assets, and no credit history. SHEESH.
If the government holds the debt, we the people just don't get repaid for what we loaned them.
So $116 BILLION! Off the balance sheet as a receivable.
I also would be glad to hear more details but don't have time to investigate it at the moment.
How much is kicked back to him?
This is all good, the beginning of the end of academia.
If you think predatory lenders are bad, financial aid is 100000x worse.
Medical bills, even state fines, will settle with you to collect.
They will often respect your yearly tax refund
Student loans? Can garnish all your refunds
Interest never caps
No settling even years later
Regardless if your degree was worthless (like a shady technical program) or if duress (family issues, mental health, injury , etc) made you fail
and when kids are told college is the only way and their entire future depends on this school and the crappy job you will get for it, kids and parents will sign anything
forgive all the loans, every last cent, burn academia to the ground, the indoctrination, the slavery, the corruption, all of it.
All of you "bootstraps" people who still worship fake money can go 4-6% yourselves.
That is what I am saying!
The schools did not hold the debt.
The loan was made to the student, the student no longer has to pay it. His debt is cancelled.
The lender still gets paid since the government student loan program backs up the loan. That was the whole purpose of the federal student loan program, to get lenders to loan money to kids with no income, no assets, and no credit history.
That's the way I have always heard about it.
The fraud bit: the government may go after the institution, but that has nothing to do with the debt.
As far as I am concerned, the student took out the loan. They can file a class action suit and sue the bad institution. But they still owe the money. OH I know the govt put in this fraud provision, but it does not make sense from a loan perspective. The fraud is not by the lender, but the service purchased with the proceeds of the loan.
If the educational institutions had to lend the money to the students themselves, this whole mess would stop in a heart beat!
It's money laundering. the Schools get the $ no matter what. Who is left holding the bag? the taxpayers.
OH yes!
I think there would be less push back if he just sent it to Ukraine.
He did that too.
it doesnt make clear which 116 billion was forgiven. that's the first time i had heard that because the 400+billion was shot down
Yeah, I saw a few people on FB boasting about how they suddenly got their student loans paid off. They said it was because they'd been paying on it for more than twenty years, so apparently that's the secret.
yeah, some of them never intend to pay the debt off fully
Cancel taxes all together. The American subscription fee.
Trying to save his ass.
How pissed are the recipients going to be when their forgiven amount becomes taxable income and that tax is due this year.
I hop that is true! If you win the lottery, they take the tax out before you see a penny.
It will be just like Cash 4 Clunkers. Millions of people traded in perfectly good cars for a government funded outrageous trade on value then unexpectedly received a 1099 for the trade value. THEN faggot crook Barry sold the trade ins to third world countries.
Thanks for reminding everyone of that scam! Incentives with government aka OUR money, to take autos off the streets in favor of gov't favored autos. They were not clunkers! They were vehicles that the reset wanted off the streets. And people fell for it. There is no free lunch! Keep your "clunkers" if you still have them.
🙂👍
Help Americans with the tax payers dime
Take the money, then … vote for Trump
We of all people, should understand by now, that all news is propaganda. There is no reason whatsoever to believe a single thing you see or read from the MSM. Focus on the signal, not the noise.
Now do EIDLs 🤣
Hasn't anyone sued about this?
There should indeed be a big class action suit by everyone who paid of their loans.
Just on the constitutionality of it at least
its time for We the people to do a tax revolt