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so the lesson here is, take out a shitload of debt for a relatively worthless degree and get the American taxpayer to bail you out Awesome
by rubyist5eva 5y ago
so the lesson here is, take out a shitload of debt for a relatively worthless degree and get the American taxpayer to bail you out
Awesome
- kyrra 5y agoThat's a problem with many federally-backed student loans out there. The government being in the job of backing student loans is inflating college costs, as there is no factor to stop price increases. They aren't available for bankruptcy. There is no risk analysis for the people being lent the money. There's no balancing between job prospects and the degrees people are earning.
- FranchuFranchu 5y agoI don't see the problem. A huge for-profit organization gets free money in the shape of a student loan, without spending any of it because the degree is allegedly worthless, and then the money gets taxed to pay the loan off? It cancels out.
- unethical_ban 5y agoThe lesson is to read the article before commenting. Allow me to view source > gather the first visible paragraphs of the WSJ article. >WASHINGTON—The Education Department will discharge another $415 million in student debt held by borrowers who said they were defrauded by for-profit schools that misrepresented their graduates’ employment prospects or otherwise swindled them, federal officials said Wednesday. >The loans of nearly 16,000 former students are being forgiven under a legal provision known as borrower defense to repayment, which allows students to have their debts erased if they prove that their schools defrauded them. This is unrelated to general federal student loan cancellation, which is still a good idea. It isn't as if the debt would be discharged without changes to the loan programs themselves. But before we get into the discussion regarding cancellation in general it's important to acknowledge this has nothing to do with that.