Obscure Law and Student Loan Forgiveness

[Dashinka 24,960]

Unfortunately for a lot of liberal arts students from public universities, I don't think this will help, but apparently the DOEd has some obscure law forgiving student loans for students that were led to believe their degree from a school would be a high payback.

http://www.wsj.com/articles/thousands-apply-to-u-s-to-forgive-their-student-loans-saying-schools-defrauded-them-1453285800

Edited January 20, 2016 by Bill & Katya

[Expat1 971]

I was thinking that all liberal arts students would qualify

[ExPatty 502]

I was thinking that all liberal arts students would qualify

Aww, snap.

But, the truth is many people have gone to school and gotten what amounts to little more than a toilet paper degree and never once thought it would lead them to an esteemed career as barista or telemarketer. They thought they could parlay their substantially pointless degree and mediocre grade point average into a career that would pay off their $50k loan. And the sad thing isn't that an 18 year old--knowing everything about the world (what 18 year old doesn't?), but nothing at the same time--thought this, but that their parents let them think it. Too few parents and counselors are willing to float in front of a prospective sociology major the stats that show their lifetime earning is going to probably be terrible and that they might actually do better in a real field with real demand.

[Dashinka 24,960]

I was thinking that all liberal arts students would qualify

That is what I thought as well, however, this law seems to be analogous to a truth in advertising law, and seems to be targeted at for-profit institutions. All of the examples are related to schools like that, not the IVY league schools with the worthless degrees.