Fox Business guest suggests students seek loan forgiveness by suing “the colleges that gave them the bogus degrees” for fraud
From the February 26 edition of Fox Business' Varney & Co.
PETER MORICI (PROFESSOR, UNIVERSITY OF MARYLAND): Well, I think we're going to have to have some debt forgiveness. Something like 40 percent of young college graduates are not in positions that require a college diploma. If you are working at Starbucks or driving for Uber or what have you, a college debt of $50,000 or $100,000 is absolutely insurmountable. Where do I get the money from? Well the colleges that gave them the bogus degrees. They are sitting on huge amounts of assets. Sue them for fraud.
STUART VARNEY (HOST): OK, so it's debt forgiveness with the college that gave them the lousy degree to pay. Scott Martin, how would you get that number down? Trillion dollars worth of debt, how do you get it down?
SCOTT MARTIN (KINGSVIEW ASSET MANAGEMENT): I don’t know if I would go as far as to sue them for fraud, but I appreciate the effort, Peter.
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