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User Info Student Loan 'Forgiveness'?; entered at 2022-05-03 16:34:47
Posts: 1553
Registered: 2011-03-24 Washington, DC
I have made this solution to the student loan problem on this forum before. There is no reason too forgive a student loan. There were 3 parties when the student loan was issued; the student, bank, and school. As noted Obama changed the bank to the gov't which I believe is Sallie May.

My solution where the bank is involved is the three parties are required to submit to a formal review of how the loan was approved. Was there any fraud on the part of the 3 parties? Examples of fraud are applying for a loan under one set of circumstances, such as changing the major you intend to pursue without notifying the bank, the school overpromoting a major's job market prospects or value, or using the borrowed funds for other than allowed expenses. If fraud is found the offending party will be the responsible party to repay the majority of the loan.

If no fraud exists then all three parties pay 1/3, end of story.

Where the gov't made the loan and the taxpayers are expected to repay the debt, the the gov't official who approved the loan may be held responsible fiscally or legally in writing the loan. The student and the school will be responsible for repaying the debt.

NO TAXPAYER MONEY should be used to repay any student loan, especially one fraudulently obtained or used.

The jurisdiction for these matters if it involves federal money should be the federal court system under the US Attorney's office. The US Attorney or Federal judge will NOT have the authority to cancel the debt only to set up and approve the complete repayment plan by all parties.
2022-05-03 16:34:47