re: Its' official: Biden just canceled $5.8 BILLION in student loans -- and more will get xcld

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The United States is on the verge of an economic collapse. Combined with the absolute decadent, debased and depraved immoral state of our country to go along with it, is it no wonder that God Himself is bringing about the U.S.'s destruction -- and He's doing it by allowing us to destroy ourselves from within -- just like the old Roman Empire.

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I can't bring myself to click upvote on this depressing post but damn it is absolutely true.

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I'm no fan of wiping out student loans, but it sounds like this was a scam.

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shhhhhhhhh, let them continue to look like jackasses, not actually reading the article

I wonder what the pre-Covid default rate was on that group of loans.

90 percent perhaps?

In news that surprises no one, borrowers who already paid their loans back will receive NOTHING.

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The department's move will cancel outstanding loans. Borrowers who have not paid off their debt will receive refunds of past loan payments, officials said. But borrowers who fully paid off their loans will not receive refunds, they said.

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Not that they should, because none of these people should have their loans forgiven. But it proves that yet again, those who did the right thing by paying back the money they borrowed will receive nothing. The government is acknowledging that this school system was a scam, the government was complicit in that scam because the school had to be accredited by a Department of Education approved accrediting agency in order to receive federal financial aid. So the Department of Education let kids attend scam colleges for 20 years, courtesy of the American taxpayer.

Scam school system filed bankruptcy in 2015 - they are off the hook.

Students who have not paid back the money they took - off the hook.

Department of Education who allowed these taxpayer funds to go to a scam school - was never ever going to be on any hook in any way shape or form.

People who paid back the money they received to attend scam school approved by federal government - thank you for paying for your scam education.

Taxpayers who paid for all of this bs - still firmly on the hook as usual.

Great, seen that Premium is now $5. Just in time.

They aren't canceled, they're just getting paid by people who didn't sign a promise to repay them.

Folks we can sit back in take it. I paid a student loan to Naviance this morning.

frick this administration and frick cocksucker Joe Biden for playing along. Burn in hell.

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They aren't canceled, they're just getting paid by people who didn't sign a promise to repay them.

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It's worse than that. In most cases, they've already been paid by people who didn't sign the promissory notes (namely the taxpayers when the loans got transferred to the Dept. of Education servicers). The "cancellation" just means the individual isn't going to be required to even attempt to repay it.

This article makes it sound like this was a settlement that resulted from the federal government getting sued for disbursing loans to a college that wasn’t accredited or that went bankrupt or otherwise didn’t meet the criteria necessary for issuing federal student loans.

Maybe I’m wrong in how I’m reading the article, but this sounds less like loan forgiveness and more like a lawsuit settlement being spun as a gift from the benevolent and generous federal government.

F**k these feds.

This is taxpayer money any way you cut it.

If anyone gets a pat on the back for being able to not only issue the loans, but also make good on them when fraud happens, it’s us - the wealth-generating, tax-paying citizens.