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Spot the bullshit:
"On Thursday, the U.S. Department of Education announced its new plan to help tackle debt for those who borrowed federal money to pay for student loans.
In a new streamlining process, borrowers who have approved claims that confirm their college or institution defrauded them or engaged in financial misconduct will be able to apply for full relief.
Officials estimate that this could help about 72,000 borrowers receive $1 billion in loan cancellation."
from https://thehill.com/changing-america/enrichment/education/544090-us-secretary-of-education-cancels-1-billion-of-student
on https://www.ed.gov/news/press-releases/department-education-announces-action-streamline-borrower-defense-relief-process
What counts as your institution "engaging in certain misconduct?" Would raising tuition to pay administrators the institution doesn't need count? How about putting covid-19 positive students in "quarantine" housing without beds, cleaning materials, or methods for cooking or obtaining food? Seems a little misconduct-y that money doesn't actually go toward services for students or hiring faculty to improve student-faculty ratios when the money for that is there.
So, what is the definition of misconduct the DOE is working with, and which institutions have carried out this kind of misconduct?
Who even gets to decide what is considered financial misconduct?
Most institutions are guilty of financial misconduct as far as I'm concerned. It seems the DOE puts the onus on the borrowers to find out what kind of misconduct and whether the DOE will count it as misconduct before they can apply for loan forgiveness consideration. This isn't justice.
DOE approximates 72,000 people to be eligible for this loan forgiveness. Based on what? Presumably they are aware of an intersection of borrowers (of the one specific loan mentioned) and institutions. Since this is a federal loan, there should be ways to reach those borrowers, and possibly automatically apply this forgiveness and reimbursements.
I don't know. |
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| Noam Chomsky |
Debt is a trap, especially student debt, which is enormous, far larger than credit card debt. It's a trap for the rest of your life because the laws are designed so that you can't get out of it. If a business, say, gets in too much debt, it can declare bankruptcy, but individuals can almost never be relieved of student debt through bankruptcy. |
| Nick Ferguson |
We played a lot of sandlot ball, so we were used to tackling each other, or falling on the concrete, things of that nature. And nine times out of 10, our flag games turned into tackle anyway. So when I got to high school, tackle football was kind of natural. |
| Orison Swett Marden |
Your outlook upon life, your estimate of yourself, your estimate of your value are largely colored by your environment. Your whole career will be modified, shaped, molded by your surroundings, by the character of the people with whom you come in contact every day. |
| Gary Ackerman |
There's a delicious irony in seeing private luxury jets flying in to Washington, D.C., and people coming off of them with tin cups in their hands saying that they're going to be trimming down and streamlining their businesses. There's a message there. |
| Eugene Fama |
State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we don't know is whether that order will be enforced. And ultimately, the busted state is going to be looking to the federal government for a bailout. Think Greece, but on a much bigger scale. |
| Lisa Caputo |
Citigroup has the opportunity to be the largest financial institution and to serve us well. What we decide to do is not what everybody else does. Other companies sponsor women's events and put a woman's face in advertising. This is financial services wrapped in pink. |
| Lisa Caputo |
Go out and interview people to find a partner whom you can trust. Find somebody who subscribes to the same view that you do. I'm happy to tell you that I practice what I preach. I would have never thought I'd end up in financial services. I'm happy to tell you that my debt is retired. That happened because I got a good financial adviser. |
| Lisa Gansky |
Those projects most successful on Kickstarter - those that receive funding completely and quickly - do so largely because the creator has a strong social network and invites people to be engaged. |
| Kim Campbell |
On the same day I was sworn in as Prime Minister of Canada, I announced the most sweeping reform ever undertaken in the structure of our federal government. |
| Ralph Hall |
I support both a Fair Tax and a Flat Tax plan that would dramatically streamline the tax system. A Fair Tax would replace all federal taxes on personal and corporate income with a single national tax on retail sales, while a Flat Tax would apply the same tax rate to all income with few if any deductions or exemptions. |
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