Student loan forgiveness program is a ‘scam,’ financial expert Dave Ramsey says

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DOE data shows 98% of applicants are rejected

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Best-selling author and financial expert Dave Ramsey called the Public Service Loan Forgiveness (PSLF) program a “scam” on Thursday on “Mornings with Maria,” noting that only 2% of applicants get approved for relief.

Of the U.S. Department of Education, Ramsey said, “98% of those who applied for it have not yet received an apology, only 2% — it’s known as a scam.” statistics (DOE).

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Ramsey’s comments come as the DOE, under President Biden, announced it would waive more than $11 billion in student loans.

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Department revealed that $7.1 billion for borrowers with disabilities and $1.1 billion for students misled by fraudulent institutions was canceled.

FAFSA misunderstood by most students, says study

“The $11.5 billion business was normal,” Ramsey told Granthshala Business’ Daegan McDowell. “If you become incapacitated, you have always canceled your student loans… If you have been defrauded by a school that has gone out of business, you cancel that student loan. “

But Ramsey believes the public service student loan forgiveness program is misleading and inefficient, as evidenced by its applicant approval rate.

“NS [loan] cancel that [Democrats] All bragging – it doesn’t work,” he said.

Progressive MPs including Reps. Alexandria Ocasio-Cortez, D.Y., and Ilhan Omar, D-min. on Wednesday pressured the Biden administration to issue a memo outlining the president’s legal authority to cancel student loans.

The creator of the ‘Lending Future’ further emphasized that politicians and the higher education system have neglected business programs and vocational schools.

“America put its nose in the air and snatched away anyone who didn’t get a four-year degree for the last five generations,” he argued, “and it became a thing that if you didn’t go to college, You were not going to succeed.”

He stressed that the societal need for higher education is a “culture-wide hoax”.

“The victims are 18 years in this, and it’s sad,” Ramsey said.

“They’re delaying having kids. They’re delaying getting married. They’re delaying buying a house because they’re bogged down and overwhelmed by the debt they signed up for and the same did what everyone told him to do.” to continue.

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Ramsey believes that education is important, but students should be wary of overpaying for it.

“It is ironic that we in America are fools about education,” he said.

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