Vice President Kamala Harris listens during a virtual tour of the Community Vaccination Center at State Farm Stadium in Glendale, Arizona Monday, Feb. 8, 2021, in the South Court Auditorium in the Eisenhower Executive Office Building of the White House. (Official White House Photo by Lawrence Jackson)
- Nationalize student loans claiming this will save money for taxpayers. Next, let students pile up debt at for-profit colleges.
- Then prosecute those colleges for fraud and put them out of business.
- Then forgive all the debt and stick taxpayers with the bill.
The WSJ gives a parable on Corinthian Colleges from the VP:
(Kamala Harris) ambushed Corinthian while she was California Attorney General. She began investigating the for-profit in 2013 for allegedly misrepresenting job-placement rates, but she struggled to support her claims. The Education Department rode to her rescue by making exhaustive document demands.
Largest Single Loan Discharge in Its History
On Wednesday, the Education Department announced Wednesday it would forgive $5.8 billion in debt for 560,000 former Corinthian students. “The action is the largest single loan discharge the Department has made in history,” the Department boasted, crediting Ms. Harris, who took a victory lap on Thursday at a press conference.
Is this an invitation for Democratic AGs to make baseless charges against colleges? The WSJ thinks yes, since AGs only target for-profits, though nonprofit and public colleges are no saints.
Meantime, the Education Department is working on a rule to provide debt relief to for-profit borrowers who claim to have been defrauded. The real fraud was the Democrats’ student-loan takeover in 2010, which they claimed would save money and will now cost taxpayers many billions if not trillions of dollars.
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