El Paso, TX (June 25, 2021) Homeland Security Secretary Alejandro Mayorkas and Vice President Kamala Harris arrive to El Paso International Airport on Air Force Two. They spoke to the press briefly before departing the airport.
- 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.
WSJ’s VP Parable on Student Loans
(Kamala Harris) ambushed Corinthian Colleges 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.
The Real Fraud: Bilking Taxpayers
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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