If that Ivy League philosophy degree doesn’t result in the career of your dreams, cheer up: You may be able to have your student loans forgiven by claiming you were misled by the university.
A broadly written rule proposed by the Education Department would allow students to discharge their federal loan debt if they can show that they were “defrauded or deceived” by a university’s “substantial misrepresentation,” an added layer of regulation that could leave universities and taxpayers on the hook for billions of dollars.
“We do not need another federal bailout,” American Commitment President Phil Kerpen said in a statement Wednesday.
His group is leading a coalition of 18 taxpayers groups calling on Education Secretary John King to withdraw the rule, which was published June 16 in the Federal Register and wraps up its comment period on Aug. 1.
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This is what happens when you make it nearly impossible to gain an education without amassing huge debt
ReplyDeleteIf you can bail out the banks you can bail 18 year Olds out who made misguided decision.
ReplyDeleteObama is looking to collapse the economy amd bring Islam to America.
ReplyDeleteFun article. What about the fraud perpetrated by SU? 30 years ago, going to SU was $2,000 a semester. Now it's 3X that. Why? While some things have improved, for the most part, the university doesn't provide job placement services that actually help students prepare for post-grad life. Had one "career center" student look over my resume and talked about it not being very long, describing it should be dozens of pages. When I asked if she was talking about a CV she stopped and looked dumbfounded, then said, "Oh, that's a CV not a resume?"
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ReplyDeleteFly in the ointment: Student borrows and gives money to college. College may or may not give student piece of paper when their stay ends.
Student goes to 'safe space' and ponders; realizes coursework won't let them start at top of organization chart. Feels defrauded so defaults on college loan.
College keeps the cash; lender is the one punished when loan is not repaid.
Of course the Kenyan king has taken over the loan dole-out process in large measure.
Connect the dots...
The burden of proof falls on the student. Not many of these will be successful suits. It's more likely that a class action suit will be filed against some of these colleges.
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