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?
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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.
Enough is enough. There are only 330 million people in the country, and 75 million of them have federal student loans...that doesn't count people with purely private loans. The vast majority of these loans are not being regularly repaid because *even according to the government* the debtors cannot afford it.
ReplyDeleteCorinthian had senior WASC accreditation the day DOE shut it down. FUCKING. ENOUGH.
Enough of being tyrannized by a tiny minority of OLD PEOPLE that hold elected office or a infinitesimal minority that are appointed to an executive branch agency. Fuck the 10, 15, 20 trillion tab they patriotically ran up bombing fucking pashtunistan and fuck their FAKE claims to fiscal rectitude. Fuck them. Get together and stop paying.
This is farce. The federal government is well beyond dead broke and we will all suffer for the corruption. Pure corruption. That is what it is.
I just witnessed an exceptionally bright two year old tell her mother - my sister - that my sister did not love her as evidenced by the fact that she always, "goes to work," as she has for her whole life. Indeed. She goes to work all night for 12 hour shifts to pay 1,000 a month in student loans, while her husband works all day, and the auntie gave up having a life of her own just to help them all survive.
I want justice. This is fucking beyond ridiculous. The state of the law and of subsidies CAUSED ALL OF THIS. I don't want to hear about lemming's desires; they mean nothing without opportunity, without the attractive nuisance. There is no sharing of responsibility this is GREED and CORRUPTION.
If enough people get together and just default it breaks the system. It deprives the PIGS of money. It removes the ability to meaningfully isolate, rip off, and punish people who were defrauded.
Guess what? If your credit is already ruined, the cap on wage garnishment will likely lower your monthly payment anyhow!
These people claiming to hold the strings over what happens 25 years hence aren't going to live another 25 years and they definitely won't be in office.
The scammed should not allow the best years of their lives to be ground up with this bullshit. It does not matter one iota whether students repay this debt or not.
The scambloggers should start advocating a real protest. A real solution. No more sidelines.