In the latest attempt to regain support from young voters, the Biden administration has announced another round of student debt forgiveness.
According to the Associated Press, people who attended the Art Institutes, “a system of for-profit colleges,” are now eligible for the cancellation of a staggering $6 billion in student loans.
Notably, the Art Institutes shut down in 2023 after serious fraud accusations were leveled.
The fraud controversy is exactly how Biden’s Education Department is approaching the cancellation of the loans, despite the Supreme Court previously ruling against the idea.
The AP noted:
Saying the chain lured students with “pervasive” lies, the Education Department is invoking its power to cancel student loans for borrowers who were misled by their colleges.
President Joe Biden released a statement condemning the Art Institutes, which he claims “cheated borrowers” into “mountains of debt” that he will now forgive, conveniently.
“This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” Biden’s statement read.
Biden cancels $6.1 billion in student debt for attendees of defunct, for-profit Art Institutes https://t.co/NHDSQRiYnW pic.twitter.com/unkIWbw7xQ
— The Washington Times (@WashTimes) May 2, 2024
In total, 317,000 students who attended Art Institutes between Jan. 1, 2004, and Oct. 16, 2017 will automatically have their student loan debt canceled.
Many believe that should buy Biden a decent chunk of desperately-needed votes for the 2024 election.
The AP added:
In total, the Democratic administration says it has approved the cancellation of almost $160 billion in student loans through a variety of existing programs. Among that total, $28.7 billion has been canceled for those who were cheated by their colleges or went to campuses that suddenly closed.
Social media users reacted to the news of the latest Biden scheme, and most were not happy about it.
“Do we pay off the loans before or after they yell ‘Death to America?'” one X user wrote.
Wendy Patterson wrote, “Attention fellow Americans… The Biden administration just spent $6.1 Billion dollars that we will have to pay off, with interest, for students who attended the… Art Institutes. We’re paying for the acting classes of the liberally illiterate children who are living in the basements of their parents homes now without the burden of student debt or the prospects of a decent job.”
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Author: Ryan Ledendecker
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