What does it mean for the banks that loaned the money for the Education Dept to forgive $415M in student debt? The Educ Dept didn't give the tuition $ to the students and schools; they 'guaranteed' it, correct? So do banks get refunds from the schools or are they left holding the bag?
https://www.msn.com/en-us/news/us/education-department-to-forgive-415-million-in-student-debt/ar-AATXUOk?ocid=msedgntp
>What does it mean for the banks that loaned the money for the Education Dept to forgive $415M in student debt? The Educ Dept didn't give the tuition $ to the students and schools; they 'guaranteed' it, correct? So do banks get refunds from the schools or are they left holding the bag?
>https://www.msn.com/en-us/news/us/education-department-to-forgive-415-million-in-student-debt/ar-AATXUOk?ocid=msedgntp
Put another way, with pictures, are taxpayers paying $415M forgiven student loans or are banks (and eventually consumers)?