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.
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