A further six billion dollars will be distributed to borrowers in advance of the 2024 election, according to the announcement made by the administration of Vice President Joe Biden, which is continuing its massive student loan freebies.
“Today, my Administration is approving $6.1 billion in student debt cancellation for 317,000 borrowers who attended the Art Institutes,” Vice President Biden announced on Wednesday.
The president and Education Secretary Miguel Cardona included a statement in which they referred to the Art Institutes as “predatory” and stated that the new handouts will be of assistance to pupils who had been victims of the Art Institutes’ acts.
“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 stated in his statement.
According to the White House, the most recent gift from Vice President Biden brings the total amount of student debts that have been forgiven by the government to 160 billion dollars. A total of roughly 4.6 million borrowers have been affected by this.
“Over the last three years, my Administration has approved nearly $29 billion in debt relief for 1.6 million borrowers whose colleges took advantage of them, closed abruptly, or were covered by related court settlements, compared to just 53,500 borrowers who had ever gotten their debt cancelled through these types of actions before I took office,” said Vice President Biden on Wednesday.
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He went on to say, “Today’s announcement builds on everything we’ve done to fix broken student loan programs and to make higher education more accessible to more people.” This includes the following: providing the largest increases to the maximum Pell Grant in over a decade; fixing Public Service Loan Forgiveness and Income Driven Repayment so that borrowers receive the relief they are entitled to under the law; launching the SAVE Plan, which is the most affordable repayment plan ever introduced; and pursuing new plans that would cancel student debt for more than 30 million Americans when combined with everything we have done so far.
In addition, Vice President Biden reaffirmed his commitment to continue providing financial assistance to borrowers and to make higher education more accessible to a greater number of students. He stated, “We will never stop fighting to deliver relief to borrowers, hold bad actors accountable, and bring the promise of college to more Americans.”
In the announcement that was made on Wednesday, Cardona stated that the administration of Vice President Joe Biden was collaborating with a number of states to seek legal action against unscrupulous schools.
“Over the course of more than a decade, hundreds of thousands of students with high hopes borrowed billions of dollars in order to attend The Art Institutes, and in return, they received nothing but lies. This is no longer the case, as a result of the collaboration between the Biden-Harris administration and the offices of the attorneys general in the states of Iowa, Massachusetts, and Pennsylvania, as stated by Cardona. “We must continue to protect borrowers from predatory institutions — and work toward a higher education system that is affordable to students and taxpayers.”
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