• Betsy DeVos cancels $150 million in student loan debt after losing court battle
    13 replies, posted
https://www.politico.com/story/2018/12/13/betsy-devos-student-loans-1063442 The Trump administration said Thursday it will cancel thousands of borrowers’ federal student loans, carrying out an Obama-era policy that Education Secretary Betsy DeVos had fought to kill. The move comes as DeVos is being forced to implement a package of regulations that created more protections for student loan borrowers who were affected by a school closure or defrauded by their college. A federal judge in September ruled that DeVos' efforts to stop the 2016 “borrower defense” regulations from taking effect was illegal. And in October, the same judge rejected a bid by for-profit colleges to immediately stop the regulations, clearing the way for them to take effect. Education Department officials said Thursday that they will cancel the loans of about 15,000 borrowers who qualified for “closed school” loan discharges but who haven’t yet applied for that benefit. Those student loans total approximately $150 million. About half of the borrowers who will now receive loan discharges attended campuses owned by Corinthian Colleges, the chain of for-profit colleges that went bankrupt in 2015. The remaining students attended other schools that closed sometime between Nov. 1, 2013, and Dec. 4, 2018. Prior to the 2016 regulations, borrowers had to submit an application to obtain the loan discharge. In changing the policy, the Obama administration said it wanted to make the process automatic because of the low rate at which borrowers eligible for the loan discharges applied for the benefit.
get fucked
The fact they were challenging this is so fucked. Betsy DeVos is an awful person
I love seeing things like this, but unfortunately US student loan debt still exceeds $1.5 trillion. :\
If the bubble's going to pop it should happen before 2020
What would happen if it does? Would the banks just get fucked and all the students don't have to pay anymore?
I don't know but it might get real nasty since we're already overdue for a recession and Trump's bumbling leadership won't help.
Ahahaha, Nah. The US government? Forgive student debt? It's far more likely they'll just implement a handy "work exchange" program to let the indebted students "willingly participate" in unpaid government work projects for a set period of time in exchange for "forgiving" their loans.
I know you're joking but that's 100% not what would happen lol, we're not there yet. The university industry and ones related to it would go to hell, maybe the government would give money to the colleges in exchange for cancelling debt and reducing loan sizes.
Maybe if by some magical unicorn power The budget itself was balanced and the national debt wasn't 11ty tragillionillion dollars, something could be done do fix the infrastructure leakage so it could be directly addressed like virtually every other country on earth has done. if only such fanciful things could be real: https://upload.wikimedia.org/wikipedia/commons/d/d3/Bill_Clinton.jpg and before you say "housing bubble" the retort for that is "one trillion dollars in unregulated military spending of which the audit thereof failed and of which there is no vetted accounting for" Priorities.jpg
I still like how a lot of Republican voters I mention the US's pointless army budget to go "sO yOu DoN'T WaNt US tO bE SaFE?!!!!"
Betsy "Yacht over Youth" DeVos needs to get keelhauled.
like america's bloated military budget prevented 9/11, or the multitude of mass shootings. America's about the last place I can think of where I would consider myself safe, especially if I wasn't white.
Don't pollute the ocean, my dude. Devos is a leech and dunking her in the ocean is introducing an invasive species to the ecosystem. Nice to see judges forcing the Trump administration to do their jobs. He hires the best people (who keep getting fired/forced to resign).
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