Pressley Applauds Student Debt Cancellation for Massachusetts Students Defrauded by Art Institutes
Ayanna PressleyMay 01
Biden Cancels $6B in Loan Debt for Art Institute Students
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The Facts
The Biden administration on Wednesday approved over $6.1B in student loan relief for former pupils of The Art Institutes, a system of for-profit colleges that closed last September.
According to the Department of Education, the loan relief will apply to nearly 317K borrowers who attended any Art Institute campus between Jan. 1, 2004, and Oct. 16, 2017.
The Spin
Democratic narrative
The Biden administration continues to follow through on its promise to grant desperately needed student debt relief to millions of borrowers, and its latest action helps those who need it the most. For over a decade, The Art Institutes and other for-profit colleges blatantly lied to prospective students, saddling them with thousands in debt. Those people deserve justice, and forgiving their student debt benefits them and the economy.
Republican narrative
After the Supreme Court struck down Biden's unconstitutional $430B student debt forgiveness plan, his administration has continued to undermine the decision, doling out billions at a time. Biden has circumvented Congress and the courts to buy the votes of young people, many of whom are leaving the Democratic Party. While borrowers who attended The Art Institutes deserve some form of compensation, Biden has only offered temporary fixes to deep-rooted problems. These band-aid solutions will only exacerbate the student debt bubble.
Nerd narrative
There's a 50% chance that the US student loan debt bubble will "pop" by 2038, according to the Metaculus prediction community.