Monday, April 6, 2015

Is this the ticket? Previously Unknown Clause Found in Federal Loan Contracts Might Lead to Billions in Forgiven Loans

Let's keep an eye out on the developments around a previously unknown clause that some Democratic senators recently discovered in Federal loan contracts about the ability to forgive loans - no one knows how it works, including folks in the Department of Education! Who knows? The outcome might actually be good for the indentured educated class. We don't know right now, but let's wait and see. 

Sen. Elizabeth Warren, D-Mass. listens on Capitol Hill during the Senate Aging Committee hearing to examine older Americans and student loan debt. (Lauren Victoria Burke/AP)
Photo Credit: Lauren Victoria Burke/AP

1 comment:

Anonymous said...

Excellent. While the for-profits have been the leaders in shady business practices, they are not alone in their misrepresentations of program quality, job availability following graduation and the apparent "ease" of repaying one's debts. My own state university tells its business students that they should expect to earn roughly $85k per year IMMEDIATELY following graduation. I know many graduates of said program who have been out of school 5+ years and not one of them has been able to find such a job. Most are working minimum wage jobs and keeping their loans in forbearance.

We all need help. All of us.