Obama Is Forcing You To Bail Out Bad Student Loans
by Phil Kerpen, Contributing Author: It’s official. Taxpayers are on the hook for billions of dollars in student loan bailouts, by order of the bureaucrats at the Department of Education.They claim the cost to taxpayers will be $15 billion over 10 years — but we know the cost will balloon much higher as millions of Americans learn they can dump their student loans on taxpayers.
This bailout was initially estimated to cost up to $42 billion, but even that is likely an extreme lowball estimate in a country with $1.3 trillion in student loan debt.
The rule lets borrowers dump their student loans if the school made “omissions” or “statements” with a “tendency to mislead under the circumstances.”
David Baime of the American Association of Community Colleges explains that means “a student could say, ‘I took English 101 and you didn’t teach me Shakespeare and the course description said you’d provide a solid foundation in Western literature.’”
I feel for people straining with student loan debt as much as anyone. But I feel even more for the taxpayers who never went to college or who worked hard to pay their own way. It is simply wrong to force taxpayers to pay for bailing out bad student loans. And it’s unconscionable to do it by regulatory dictate at the Department of Education rather than a vote of our duly-elected representatives. That is exactly what happened today.
The Obama administration thinks rule will take effect without anybody noticing. They deliberately picked this week to issue the final rule because they know it will get zero coverage ahead of the presidential election.
Please take just one minute to make sure YOUR member of Congress and senators know you ARE watching and you want them to step in and stop this bailout?
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Phil Kerpen is president of American Commitment. Follow him at (@kerpen) and on Facebook. He is a contributing author at the ARRA News Service.
Tags: President Obama, forcing, taxpayers, bailout, student loans, Phil Kerpen, American Commitment To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 9:36 AM - Post Link
1 Comments:
I'm a taxpayer No One lets me bail out of not paying taxes there are dire consequences if these no good students who flip their fingers at the taxpayers and don't repay their s student loans... hey I'm all for taking it out of their Social Security payments if they continue to default...put a lien on everything they own...just like IRS does to to non-payers.
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