According to Ted Mitchell, the undersecretary of education, almost 400,000 student loan borrowers will now have an easy path to a debt bailout as Obama primes the populist voting pump just in time for the elections.
Like I predicted here a week ago:
“But since it is an election year, Obama will make some type of populist executive order wiping debt to make sure the democrats get elected.”
On top of “the student loan bubble’s dirty little secret,” here is another round of student debt relief…as MarketWatch reports,
The Department of Education will send letters to 387,000 people they’ve identified as being eligible for a total and permanent disability discharge, a designation that allows federal student loan borrowers who can’t work because of a disability to have their loans forgiven. The borrowers identified by the Department won’t even have to go through the typical application process for receiving a disability discharge, which requires sending in documented proof of their disability. Instead, the borrower will simply have to sign and return the completed application enclosed in the letter.
The government could end up discharging more than $7.7 billion in debt, according to the Department.