• May 19, 2024

Biden Transfers $6.1B in Loan Debt to Taxpayers from Deadbeat Art-School Students

(Luis Cornelio, Headline USA) President Joe Biden’s wave of a magic wand has made billions of dollars in college debt disappear for students who attended a now-defunct university. 

On Wednesday, Biden announced the “cancellation” of $6.1 billion in student loans for 317,000 students who had enrolled at the Art Institutes. 

“This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” Biden claimed in a press release.

The staggering $6.1 billion in loan forgiveness marks part of nearly $29 billion in debt relief transferred to American taxpayers. This $29 billion figure is allegedly connected to universities that Biden alleges “exploited” borrowers.

Biden’s widely discussed program has aided 1.6 million borrowers, comprising 4.6 million Americans.

“We will never stop fighting to deliver relief to borrowers, hold bad actors accountable, and bring the promise of college to more Americans,” Biden claimed. 

The Art Institutes were a consortium of private universities offering certificates and degrees ranging from associate’s to master’s degrees. It was originally headquartered in Atlanta, Georgia. 

The university also had campuses in Arizona and Pennsylvania, both crucial states in the lead-up to the 2024 presidential election, reported the New York Post on Wednesday. 

Critics have long chastised Biden’s student loan forgiveness plan as part of a broader effort to bolster his flagging re-election campaign. 

During the 2020 campaign, Biden pledged to cancel student debt if elected president.

Within a year of taking office, Biden attempted to assert the authority to cancel student loan debt through the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act.

After several states sued Biden, the Supreme Court invalidated the program, admonishing the Biden administration that it lacked the authority to implement such a plan.

Despite the Supreme Court’s ruling, Biden persisted with comparable initiatives.

Source

The Daily Allegiant