A group of black colleges recently organized to warn President Barack Obama that his new loan forgiveness rules could send them into bankruptcy.
Obama’s Department of Education has proposed new rules to make it easier for students to get their loans forgiven, but the group of historically black colleges (HBCU) are saying that the program would “open the floodgates” to lawsuits from students looking to get out of paying off their loans, The Hill reports.
“Should a disgruntled former or current student at an HBCU feel ‘misrepresented’ by their institution by any means, the broad language outlined in the proposed ED rule could open the floodgates for frivolous lawsuits that will only adversely affect the greater HBCU student body,” he group wrote in a letter sent to the Obama administration.
“In fact, the proposed regulation language could undermine the financial viability of a number of academic institutions and could possibly bankrupt less-financially secured colleges and universities,” the letter added.
The group wanted the administration to extend the 30-day public comment period so they could organize a larger resistance to the new rules.
In fact, student loans have become a major problem in the U.S. with some students topping the $100,000 mark in debt before they even set one foot on the path to a career.
It’s so bad that a recent survey found that student loans so costly a freaky number of people would have sex with Caitlyn Jenner to be rid of them.
The schools that signed onto the letter were Bennet College for Women, Clark Atlanta University, Wiley College, Rust College, and the University of Memphis. The Reverend Jesse Jackson also signed the letter.
DONATE TO BIZPAC REVIEW
Please help us! If you are fed up with letting radical big tech execs, phony fact-checkers, tyrannical liberals and a lying mainstream media have unprecedented power over your news please consider making a donation to BPR to help us fight them. Now is the time. Truth has never been more critical!
- Bold school principal snubs complaints about kids flying Old Glory – and look what happens! - May 5, 2017
- Mike Huckabee makes ‘racist’ Cinco de Mayo declaration that furious libs are hoping he’ll keep - May 5, 2017
- Infuriating video shows mother & father threatened with JAIL when Delta boots toddler from prepaid seat - May 4, 2017
Comment
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.
BPR INSIDER COMMENTS
Scroll down for non-member comments or join our insider conversations by becoming a member. We'd love to have you!
