{"id":2234273,"date":"2024-05-01T06:03:02","date_gmt":"2024-05-01T10:03:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-cancels-student-loans-for-art-students-as-total-cost-of-forgiveness-could-exceed-1-trillion\/"},"modified":"2024-05-01T06:08:49","modified_gmt":"2024-05-01T10:08:49","slug":"biden-cancels-student-loans-for-art-students-as-total-cost-of-forgiveness-could-exceed-1-trillion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-cancels-student-loans-for-art-students-as-total-cost-of-forgiveness-could-exceed-1-trillion\/","title":{"rendered":"Biden forgives art student loans due to high forgiveness costs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-cancels-student-loans-for-art-students-as-total-cost-of-forgiveness-could-exceed-1-trillion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2234273&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The Biden administration forgives $6.1 billion in student loans \u2064for 317,000\u200b Art Institutes&#8217; former students due to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/desantis-raising-cash-from-biden-precincts-peeling-away-trump-donors-wsj-analysis\/\" title=\"DeSantis attracting funds from Biden areas, gaining support beyond Trump contributors: WSJ Analysis\">deceptive\u200d practices<\/a>. President \u2064Biden highlighted the institution&#8217;s falsified data\u2063 and debt burden on students. Critics raise concerns about the impact on\u2063 taxpayers and the potential increase in public debt from unpaid loans in Biden&#8217;s multifaceted\u2063 loan forgiveness programs. The Biden administration&#8217;s forgiveness of $6.1 billion in student loans \u2064for 317,000 Art Institutes&#8217; former students reveals deceptive practices. President Biden addressed the institution&#8217;s falsified data and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/four-problems-with-bidens-new-student-debt-relief-plan\/\" title=\"Biden's student debt relief plan: Four issues.\">student debt burdens<\/a>. Critics worry about the taxpayer impact\u200b and the\u200c potential rise in public debt from unpaid \u2064loans in Biden&#8217;s diverse loan\u2064 forgiveness initiatives.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>The <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/biden-administration\" target=\"_blank\" rel=\"noopener\" title=\"Biden administration\">Biden administration<\/a> has announced another round of canceled <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/student-loans\" target=\"_blank\" rel=\"noopener\" title=\"Biden administration\">student loans<\/a>, this time for $6.1 billion for 317,000 former students of the Art Institutes.<\/p>\n<p>\u201cThis institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,\u201d President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title=\"Joe Biden\">Joe Biden<\/a> said in a prepared statement.<\/p>\n<p>Biden compared his approach to that of \u201cmy predecessor,\u201d former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\" target=\"_blank\" rel=\"noopener\" title=\"Donald Trump\">Donald Trump<\/a>, who he said \u201clooked the other way when colleges defrauded students and borrowers.\u201d<\/p>\n<p>However, conservatives and budget hawks argue it is taxpayers who are being hurt by Biden\u2019s approach, as any loans that are not repaid will be added to the public debt. <\/p>\n<p>The nonpartisan Committee for a Responsible Federal Budget released an estimate earlier this week that the combined total cost of Biden\u2019s <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/2968193\/biden-student-loan-hardship-provision-700-billion-watchdog\/\" target=\"_blank\" rel=\"noopener\" title=\"multifaceted\">multifaceted<\/a> student loans programs will cost between $870 billion and $1.4 trillion. <\/p>\n<p>\u201cThat\u2019s more than all federal spending on higher education over the nation\u2019s entire history,\u201d the think tank wrote in its <a href=\"https:\/\/www.crfb.org\/blogs\/total-cost-student-debt-cancellation\" target=\"_blank\" rel=\"noopener\" title=\"analysis\">analysis<\/a>. \u201cThe vast majority of this debt cancellation was put in place through executive actions under President Biden.\u201d<\/p>\n<p>Congress has not approved the spending, which has led to <a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/2942016\/kansas-attorney-general-will-sue-biden-administration-over-student-loans\/\" target=\"_blank\" rel=\"noopener\" title=\"lawsuits\">lawsuits<\/a> from GOP-led states charging that Biden\u2019s actions are illegal. <\/p>\n<p>However, the administration says it is helping younger people get out of debt in order to move ahead in life by getting married, buying a home, or starting a family or business. <\/p>\n<p>\u201cOver the last three years, my administration has approved nearly $29 billion in debt relief for 1.6 million borrowers whose colleges took advantage of them, closed abruptly, or were covered by related court settlements,\u201d Biden said. \u201cIn total, we have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-cancel-billions-more-in-student-loan-debt-repayment\/\" title=\"Biden to cancel more student loan debt repayment.\">approved debt cancellation<\/a> for nearly 4.6 million Americans through various actions.\u201d<\/p>\n<p>Younger voters who attended college are seen as a key constituency for Democrats, meaning the cancellation could help drive turnout to the polls in November. Biden announced a previous student loans plan six weeks before the midterm elections, though it was ultimately ruled unconstitutional by the Supreme Court.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>Biden has continued implementing a series of new programs since that loss. <\/p>\n<p>\u201cWe will never stop fighting to deliver relief to borrowers, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/irs-official-in-charge-of-87000-new-agents-played-key-role-in-obama-era-targeting-scandal\/\" title=\"IRS Official in Charge of 87,000 New Agents Played Key Role in Obama-Era Targeting Scandal\">hold bad actors accountable<\/a>, and bring the promise of college to more Americans,\u201d he said. <\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration forgives $6.1 billion in loans for 317,000 Art Institutes&#8217; former students. President Biden cited false data, student deception, and misleading promises, resulting in exorbitant debt with few career opportunities post-graduation<\/p>\n","protected":false},"author":2635,"featured_media":2234274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP24119065028868-1024x683.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2234273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/AP24119065028868-1024x683.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2234273","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2635"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2234273"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2234273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2234274"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2234273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2234273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2234273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}