SaysWho? Posted May 1 Share Posted May 1 Biden to cancel $6 billion in student debt for borrowers misled by The Art Institutes, a former for-profit college group | CNN Politics WWW.CNN.COM The Biden administration said Wednesday that it has approved the cancellation of more than $6.1 billion in student loan debt held by 317,000 borrowers who previously attended The Art Institutes, a now-defunct network of for-profit colleges. Quote The Biden administration said Wednesday that it has approved the cancellation of more than $6.1 billion in student loan debt held by 317,000 borrowers who previously attended The Art Institutes, a now-defunct network of for-profit colleges. The Department of Education found that the schools misled prospective students about graduates' job placement rates and average salaries. The administration is using its authority under an existing federal student loan program, known as borrower defense to repayment, which makes borrowers eligible for debt relief if they have been defrauded by their college. Quote "While my predecessor looked the other way when colleges defrauded students and borrowers, I promised to take this on directly to provide borrowers with the relief they need and deserve," Biden said in a statement Wednesday. A total of almost $160 billion in student loan debt for nearly 4.6 million borrowers has been canceled under Biden to date. That's 10% of all outstanding federal student loan debt. Wednesday's announcement is one of the biggest group discharges made under the borrower defense program and follows multiple investigations by attorney general offices in Iowa, Massachusetts and Pennsylvania into The Art Institutes and its parent company Education Management Corporation, known as EDMC. Seeing some people on ResetEra feeling "numb" because they just had $36k forgiven from this scam college. Quote Link to comment Share on other sites More sharing options...
Kal-El814 Posted May 1 Share Posted May 1 Shocking that something with the acronym AI ended up sucking shit and being a scam @legend 1 Quote Link to comment Share on other sites More sharing options...
legend Posted May 1 Share Posted May 1 14 minutes ago, Kal-El814 said: Shocking that something with the acronym AI ended up sucking shit and being a scam @legend I can't adequately express the pain of chuds entering and ruining my field's reputation. Quote Link to comment Share on other sites More sharing options...
Keyser_Soze Posted May 1 Share Posted May 1 I remember getting things in the mail from this place. I went to a normal school and got a visual arts degree instead. Quote Link to comment Share on other sites More sharing options...
MarSolo Posted May 1 Share Posted May 1 I wanted to go to the Art Institute originally because they had a game design degree. My sister ended up going for 3D modeling and she just got the notification today that her loans were forgiven. Quote Link to comment Share on other sites More sharing options...
TheBladeRoden Posted May 1 Share Posted May 1 I totally almost went to Chicago AI, was it as bad as they say? Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted May 1 Share Posted May 1 When is Biden going to forgive student loans for those of us who spent 13 years doing drugs instead of paying off the loan? Asking for me, motherfuckers. Quote Link to comment Share on other sites More sharing options...
LazyPiranha Posted May 2 Share Posted May 2 Should’ve done the drugs before you took up the loans and thought that a shady for profit art school was on the level. Quote Link to comment Share on other sites More sharing options...
ort Posted May 2 Share Posted May 2 Aren't all colleges "for-profit"? Quote Link to comment Share on other sites More sharing options...
Mr.Vic20 Posted May 2 Share Posted May 2 11 minutes ago, ort said: Aren't all colleges "for-profit"? Some for-profit private schools pay out to their owners. Most private schools and all public schools reinvest profits in the school. 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted May 2 Share Posted May 2 13 minutes ago, Mr.Vic20 said: Some for-profit private schools pay out to their owners. Most private schools and all public schools reinvest profits in the school. Into their real estate portfolios 1 Quote Link to comment Share on other sites More sharing options...
Uaarkson Posted May 2 Share Posted May 2 My little brother is over $100k in debt after going to a private school for sound engineering. I feel so, so bad for him right now. 1 Quote Link to comment Share on other sites More sharing options...
sblfilms Posted May 2 Share Posted May 2 Working with so many young people fresh out of high school as they attempt to navigate life as an adult, including making education decisions, I now have a much better understanding of how kids get lured into the debt trap of education. I didn't get any assistance from my parents with college, they themselves never went and were just generally in favor of their children getting a degree. So I, as I do with just about anything that grabs my interest, spent a ton of time studying the process and expected value of different routes. The thing that made most sense for what I wanted to do was the local community college for as many hours as I could, and then a state University for the rest. I ended up staying in Houston and took classes as I had the money to afford them, while working full time. At the end of my undergrad, I had a degree and no debt. The second part is a major reason why I was in a place to take the plunge and start our first theater. School debt has negative impact on the people who carry it for many reasons, and a huge one is that it makes people feel trapped in jobs they otherwise would have no taken, or bailed on months or years prior. I have a suspicion that is part of the reason big business is at best neutral on debt forgiveness and college affordability pushes. They greatly benefit from a labor force that is under the yoke of school debt. I am especially happy that people who went to honest-to-god scam schools are getting out from under this. It is a double whammy to get a useless education and be 10s of thousands of dollars in debt to secure it. 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted May 2 Share Posted May 2 42 minutes ago, Uaarkson said: My little brother is over $100k in debt after going to a private school for sound engineering. I feel so, so bad for him right now. I truly hope he has a job paying him enough for spending that much money for school. It seems nowadays college degrees aren't as necessary to obtain a good job. Quote Link to comment Share on other sites More sharing options...
sblfilms Posted May 2 Share Posted May 2 11 minutes ago, best3444 said: It seems nowadays college degrees aren't as necessary to obtain a good job. It is the exact opposite. The move to largely automated pre-screening of job applicants has meant upward pressure on having a baseline of a bachelors degree for large swaths of even entry level jobs that previously would have required only a high school diploma. If you don’t have a degree, lie and say you do on your resume and hope the company doesn’t use any verification services in their HR department 😂 1 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted May 2 Share Posted May 2 College degrees often don’t teach you anything directly useful for a job but do teach you how to learn and communicate. Maybe less than a third of my engineering class still works in a field that requires an engineering degree and it’s only been ~ten years out. And the vast majority of those still with an engineering degree required job work at like a chemical/energy super major or in academia. but a degree is still a better signal than any other single signal to indicate a decent ability to work and is easy to filter on given the volume of applicants each opening can get. 1 Quote Link to comment Share on other sites More sharing options...
best3444 Posted May 2 Share Posted May 2 24 minutes ago, sblfilms said: It is the exact opposite. The move to largely automated pre-screening of job applicants has meant upward pressure on having a baseline of a bachelors degree for large swaths of even entry level jobs that previously would have required only a high school diploma. If you don’t have a degree, lie and say you do on your resume and hope the company doesn’t use any verification services in their HR department 😂 Well I guess I am not well informed outside of government work. Because the PA Governor sign a bill that eliminated a college degree being part of the application process in the state. He sent out a state wide email a few months back that told all state employees college degrees are no longer looked for in hiring. Quote Link to comment Share on other sites More sharing options...
sblfilms Posted May 2 Share Posted May 2 3 minutes ago, best3444 said: Well I guess I am not well informed outside of government work. Because the PA Governor sign a bill that eliminated a college degree being part of the application process in the state. He sent out a state wide email a few months back that told all state employees college degrees are no longer looked for in hiring. The need for such legislation speaks to the reality that a bachelors degree is viewed like a high school diploma was 30-40 years ago, the bare minimum hiring managers expect. The problem is that the requirement began being applied to nearly every type of job you can imagine. There are amusing anecdotes about firms/government agencies making the requirement essentially across the board such that you could find basic janitorial positions being listed online with bachelors degree required. There are similar issues with work experience requirements for absolutely every level office jobs. Like…bruh, that’s the job where you GET the experience needed for your next job! So again, lie to these jokers and say you have relevant experience because these firms aren’t your friend and being employed is better than not. 1 Quote Link to comment Share on other sites More sharing options...
Jason Posted May 6 Share Posted May 6 Quote Link to comment Share on other sites More sharing options...
b_m_b_m_b_m Posted May 6 Share Posted May 6 The dumbest thing is that aside from the wholesale forgiveness that scotus major questions doctrine’d the rest of this forgiveness is pretty clearly written into the law for public service and fraud and shit like that it’s just it hasn’t been eligible up to this point, and what has been eligible the devos asshole fucked up on purpose Quote Link to comment Share on other sites More sharing options...
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