I heard another person decry the student loan forgiveness plan of the Biden-Harris administration as one that furthers the moral turpitude of our country.
Yes, there are people who really believe that.
If I had a dollar for every time I heard someone put down the Biden-Harris forgiveness plan, I might be able to pay off that Parent’s Plus loan I took out for one of my kids. Most folks just don’t understand how the student loan programs have been used by corporate for-profits posing as legitimate educational institutions to take advantage of Title IV of the Higher Education Act.
Emil Guillermo
That’s what’s enabling schools that exist solely for the purpose of making direct loans to a great number of students of color. These schools would not exist were if the vast majority of their revenues (and profit) didn’t come from making direct student loans to students.
The HEA is a built-in incentive for schools to make loans no matter whether they get paid back or not. The important figure is the ratio. Ninety-percent of a school’s revenues are allowed to come from the federal student loan program. Ten percent must come from other sources like students’ paying back their loans.
