Biden administration announces $3.9 billion in debt cancelation for former ITT Tech students
PBS NewsHourNov 26, 2022
Biden Cancels $3.9B of ITT Tech Student Loans
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Image copyright:Â Bloomberg/Getty Images [via The Daily Wire]
The Facts
The Biden admin. said Tues. it would cancel the federal loans of students who attended ITT Technical Institute as far back as 2005 because authorities found "widespread and pervasive misrepresentations" at the for-profit college chain, which closed in 2016.
This round of loan cancellation forgives $3.9B in debt for 208k borrowers, bringing the total amount the Biden admin. has forgiven to $32B since taking office.
The Spin
Democratic narrative
In response to a divisive issue, Biden has taken a targeted approach and, so far, it's worked. He's managed to do more than any prior administration in terms of student debt cancellation, and this latest decision protects students from assuming the burden of a corrupt institution's lies.
Progressive narrative
Though Biden has made significant steps to address this problem, he still needs to go bigger and enact universal loan forgiveness at a level well above the $10k per borrower he's reportedly considering. There are people who actually owe more than they originally borrowed, a sure sign of a broken system that needs to be fixed.
Republican narrative
Though Democrats may try to convince the American people that student loan forgiveness is a fair policy, it would essentially be forcing working Americans to pay for the degrees of the privileged. Just because fraud was committed in this case doesn't mean that taxpayers should have to foot the bill.
