The Trump Administration hasn't just brought back Merry Christmas. They've also undercut core principles of basic fraud jurisprudence dating back years with breathlessly under-cooked rationale. Aunt Betsy isn't just giving you a half-knit scarf this year!
DeVos said under the new standards, forgiveness will now be tied to students’ income as a way of measuring whether they did enjoy some benefit from their educations—even if they were deceived about the worth of their diplomas.While this delightfully asinine and senselessly puerile policy appears to apply only to Corinthian College students, why wouldn't it apply to so-called "victims" of for-profit - or for-profit non-profit - law schools?
The DOE said students who currently earn less than half the income of their peers from a "passing gainful employment program" will get full relief. Those earning half as much or more than students who completed similar schooling, however, will get "proportionally tiered relief.” According to the government table released Wednesday, an affected student making 70 percent of a peer's income would get just 30 percent loan relief.
As an example, using these tables, let's say you, Skippy, graduate from Charlotte Law and get a job as a public defender in Appalachia making $49k/year. You owe $250k. The "peers" are deemed to make like $70k/year - which is artificially low, as we all know, but the government low-balls these things. Despite being gainfully employed in a prestigious position, you are going to get a THIRTY PERCENT DISCOUNT! on your loans.
Your $250k loan just shrank to $175k. At 6.8% interest, you'll owe only $1,140.87 per month on a 30-year repayment plan with your lush public defender salary. Makin' America Great Again, indeed!
If there's one thing that's true about federal government policies, it's that they really work their best when they encourage beneficiaries to sandbag by redefining core concepts. It's been true forever that no one who succeeds in life has been defrauded; we just needed Betsy Devos to deliver us the Good News, so come ye faithful, the herald angel's singing, they have opened heaven's door and we are blest forevermore.
Merry Christmas, you chestnut-crusted yule logs.