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President Biden on Thursday predicted that a court fight over his student loan forgiveness program would be quickly resolved, and that borrowers would soon see their refunds materialize.
“We’re gonna win that case. I think in the next two weeks you’re gonna see those checks going out,” Biden told Nexstar’s Reshad Hudson in an exclusive interview in Syracuse, N.Y.
Biden last Friday said 22 million Americans had applied for student loan forgiveness in the first week of the applications being available.
How does a loan forgiveness result in checks being mailed out?
Quote:
Originally Posted by springfieldva
I know. This just sounds worse and worse with every detail.
They're not going to be mailing out any checks. That's a ridiculous rumor that hatemongers started.
It may have something to do with the predatory loans from for-profit fly-by-night schools. But we'll see. In my view, those borrowers absolutely deserve to be refunded. And the companies behind those ridiculous schools should be prosecuted to the fullest extent of the law. But they won't.
I would imagine that checks would be going to the creditors, not the borrowers. I really have no idea, just guessing.
WHY would they be giving checks to the borrowers UNLESS the borrowers are the ones who got screwed out of an education and a degree that would get them a job? Plenty were in that position. I lived in Arizona a few years ago when that sh-- hit the fan bigtime with more than one shyster fly-by-night "college."
I would imagine that checks would be going to the creditors, not the borrowers. I really have no idea, just guessing.
WHY would they be giving checks to the borrowers UNLESS the borrowers are the ones who got screwed out of an education and a degree that would get them a job? Plenty were in that position. I lived in Arizona a few years ago when that sh-- hit the fan bigtime with more than one shyster fly-by-night "college."
Whether anyone got screwed or not, this is a forgiveness program not a reimbursement program. I would imagine payments to creditors would be electronic.
Given the rampant abuse of the Covid "relief" money, I would darn well hope that at the very minimum the government would be asking for documentation. Good grief that is the bare minimum the government should be doing.
Documentation is not likely to be checked for truthfulness. It is most likely on the honor system, with audit-by-exception.
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