Biden admin blasts "Art Institutes" chain, says >300k students were "knowingly misled"

[Electric Circus]

https://apnews.com/article/student-loan-cancellation-art-institutes-debt-forgiveness-cf6aea3b2d545dd80c8927059f6c3ce6

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.

“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,” President Joe Biden said in a statement.

The Education Department will automatically erase loans for 317,000 people who attended any Art Institute campus between Jan. 1, 2004, and Oct. 16, 2017.

The Education Department says that the school  "doctored data" on graduate outcomes, which it used to lure incoming students into thousands of dollars in debt for degrees that are effectively worthless.

[Santander]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

[lfromnj]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

Was anyone even arrested or fined? You can't squeeze blood from a stone but someone has to be punished. If it wasn't a crime then not sure why there should be forgiveness.

[Santander]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

Was anyone even arrested or fined? You can't squeeze blood from a stone but someone has to be punished. If it wasn't a crime then not sure why there should be forgiveness.

Almost any government action is going to be redistributive in some way. While it was private entities that committed the fraud / deception, the government was complicit not only in creating the conditions and providing the funding for these predatory colleges to thrive, but also turning a blind eye for years as they raided government funds and left the students holding the bag.

In an ideal world, you'd probably have executives in prison and the student loan/GI Bill systems reformed, but the money is already gone and settlements were already made with the DOJ.

[Pres Mike]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

Was anyone even arrested or fined? You can't squeeze blood from a stone but someone has to be punished. If it wasn't a crime then not sure why there should be forgiveness.

This is America, the rich and powerful don't go to jail. Most escape punishment.

Its like the 2008 financial crisis. No one was really held responsible. That doesn't negate the fact the government still needs to help the victims and create new policies to prevent it from happening again.

[randomusername]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

It's only vote-buying handouts when it helps to the middle class or below. Meanwhile tax cuts or bailouts for corporations aren't

[Santander]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

It's only vote-buying handouts when it helps to the middle class or below. Meanwhile tax cuts or bailouts for corporations aren't

Correct, corporations don't vote.

[Badger]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

It's only vote-buying handouts when it helps to the middle class or below. Meanwhile tax cuts or bailouts for corporations aren't

Correct, corporations don't vote.

No, they merely pour billions of dollars into the political system to get their way, Finance judicial think tanks like the Federalist Society to groom candidates to pack the courts for favorable rulings, and otherwise Lobby the bejesus out of congress with donation dollars to keep them unbended knee. With that kind of power and influence, why do they even need to bother voting?

[GAinDC]

This targeted loan forgiveness is one of the best things Biden has done, and in a campaign, it’s a nice contrast to Trump’s notorious grifting.

I also hope it sets a precedent of empowering the federal government to help even more working people who have been swindled.

[Badger]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

Was anyone even arrested or fined? You can't squeeze blood from a stone but someone has to be punished. If it wasn't a crime then not sure why there should be forgiveness.

Yellow Avatar sighting confirmed.

[lfromnj]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

Was anyone even arrested or fined? You can't squeeze blood from a stone but someone has to be punished. If it wasn't a crime then not sure why there should be forgiveness.

Yellow Avatar sighting confirmed.

Im calling for prosecution of fraudsters? Not sure why we shouldn't try to reduce these adverse incentives?

[Badger]

This is the type of student loan forgiveness that people can actually get behind, not the other vote-buying handouts they're doing.

Was anyone even arrested or fined? You can't squeeze blood from a stone but someone has to be punished. If it wasn't a crime then not sure why there should be forgiveness.

Yellow Avatar sighting confirmed.

Im calling for prosecution of fraudsters? Not sure why we shouldn't try to reduce these adverse incentives?

Don't be disingenuous. That's exactly the opposite of what you said. You said basically if there was no criminal prosecution then there's nothing to see here.