Forgiveness plan is Biden’s latest salvo in war on for-profit education
June 3, 2022
The Biden administration’s decision to “forgive” $5.8 billion in debt for 560,000 former Corinthian College students is terrible policy that could backfire politically. And of course, the loans aren’t truly “forgiven” because they will be shouldered by taxpayers, including poor and middle-class Americans who never had the privilege of attending college at all.
The move, announced Wednesday by Vice President Kamala Harris, is the latest salvo in a destructive Democratic war on private and for-profit education. Liberals claim for-profit schools exploit low-income and minority students, saddling them with heavy debt, meager job prospects and low graduation rates.
Yet these liberals apply laxer standards and greater mercy to public and private non-profit schools, which are complicit with the government in fueling the student-loan bubble. For-profit colleges account for a much smaller percentage of outstanding student-loan debt (just 17%) than other types of colleges — but you wouldn’t guess that by the screaming headlines against them.