Honoring a campaign promise, President Biden will forgive $10,000 in personal student-loan debt owed by about 40 million college borrowers. The only people ineligible for this bonanza will be single persons who make more than $125,000 a year or married people making more than $250,000. Biden’s Department of Education released its loan-forgiveness application a few days ago, …
Get Out of Debt Guy, an online debt counseling site operated by Steve Rhode, recently received a request for advice from Rose, a graduate of St. George University Medical School. Rose now owes more than half a million dollars in student loans. Rose said her education quality was fine, but the medical school misrepresented the cost. …
College debtors definitely have a friend in President Biden. So far, his administration has approved $25 billion in loan forgiveness. In addition, it paused student borrowers’ monthly payment obligations until the end of 2022. More relief is on the way. President Biden announced loan cancelation of up to $20,000 per student borrower. The Congressional Budget Office predicts the program will cost …
The Merriam-Webster dictionary defines snafu as “a situation marked by errors or confusion.” The word is an acronym for “Situation Normal, All Fouled (or Fucked) Up.” Earlier this month, the Consumer Financial Protection Bureau issued a report confirming what we already knew: the federal student program is all f-cked up. Unfortunately, the CFPB’s publication is titled Supervisory Highlights …
Aaron Klein, writing for Brookings Mountain West, reported recently that public flagship universities admit more out-of-state students now than they did twenty years ago. Klein’s research revealed that the share of out-of-state students at the states’ premier universities went up an average of 55 percent between 2002 and 2022. At some flagship universities, 20 percent of …
Years ago, I traveled through central Uganda in a Land Rover, accompanied by a native guide. We came around a curve in the road and surprised a large troop of baboons. All the baboons ran away. Large and small, the whole group fled into the woods. All but one. The largest baboon was reclining against …
The Bottle Rockets, whose music has been compared to Woodie Guthrie’s, sing a poignant tune about a thousand-dollar car: A thousand dollar car, it ain’t worth nothin’ A thousand-dollar car, it ain’t worth shit Might as well take your thousand dollars And set fire to it. A thousand-dollar car ain’t worth a dime You lose your …
Like manna raining down from heaven, President Biden will cancel a mountain of college debt. Student debtors making less than $125,000 will get ten grand in relief. People who got Pell grants while in college will get $20,000 shaved off their college-loan balances. What will this cost the taxpayers? Who knows? Who the fuck cares? …
Moral hazard is a situation in which one party gets involved in a risky event knowing that it is protected against the risk and the other party will incur the cost. – The Economic Times Christmas came early this year for student-loan debtors. First, the Biden administration is extending the pause on student-loan payments until the end …
Higher Education in the United States was once considered a civic activity intended to improve people’s lives and benefit society. Then some people realized they could make money in the education racket, and the for-profit-college industry was born. Who makes money from for-profit colleges? Mostly hedge funds, equity funds, and institutional stockholders. Let’s look at …