question: if all college debt is forgiven....who foots the millions already lent?
comment: Trillions, not millions. According to a bbc article: > The Vermont senator's proposal would see $1.6tn (£1.2tn) paid off through a new tax on Wall Street transactions. > The proposal will include a 0.5% tax on stocks and a 0.1% tax on bonds, which the Sanders campaign says would pay for the estimated $2.2tn cost of the programme over the next decade.
passages: Georgetown University, Michigan State University, and the University of Denver have benefited from non-credit programs as it relates to strengthening partnerships with corporations and government agencies, helping to inform and shape the curriculum for degree programs, and generating revenue to support the academic enterprise.
  
  Section::::History.
  
  The Chautauqua Institution, originally the Chautauqua Lake Sunday School Assembly, was founded in 1874 "as an educational experiment in out-of-school, vacation learning. It was successful and broadened almost immediately beyond courses for Sunday school teachers to include academic subjects, music, art and physical education."
   The lent amount, often referred to as a "student loan," may be owed to the school (or bank) if the student has dropped classes and withdrawn from the school. Students who withdraw from an institution, especially with poor grades, often end up disqualifying for further financial aid. For low and no-income students, student loans are the sole factor that enable them to go to school, as loans typically cover tuition, room and board, meal plans, text books, and miscellaneous necessities. During repayment of student loans, renegotiation and bankruptcy are strictly regulated.
   Some conservative pundits have proposed that colleges limit student loans and share the liability on defaulted student loans.
  
  "The New York Times" published an editorial in 2011 in support of allowing private loans to again be discharged during bankruptcy.
   IBR plans generally cap loan payments at 10 percent of the student borrower's income. Deferred interest accrues, and the balance owed grows. However, after a certain number of years, the balance of the loan is forgiven. This period is 10 years if the student borrower works in the public sector (government or a nonprofit) and 25 years if the student works at a for-profit. Debt forgiveness is treated as taxable income, but can be excluded as taxable under certain circumstances, like bankruptcy and insolvency.
   BULLET::::- On April 11, 2007, Sallie Mae agreed to pay $2 million into a fund to educate college-bound students as part of a settlement with the New York Attorney General. The lender also agreed to no longer pay for travel and expenses for university officials, provide unpaid staffing assistance to financial aid offices, or operate call centers that provide financial advice for students where company employees identify themselves as university advisers.
   In 2010, the U.S. Department of Education announced stricter eligibility rules for federal financing of loans to student at for-profit schools, which were experiencing higher default rates. Student loans totaled more than $1.3 trillion, averaging $25,000 each for 40 million debtors. The debtors average age was 33. Forty percent of the debt was owed by people 40 or older.
  
  A 2013 poll by "NBC News" found that more than 40% of college graduates from 2011 to 2012 were underemployed, and that some were "heavily in debt because of the cost of their education."
   As markets recovered in 2010 and 2011, the endowment posted positive returns of 11%, and 21%, respectively. A the end of fiscal year 2011 as reported by the college's magazine, the endowment had recovered substantially, increasing from $27.6 billion to $32.0 billion, while simultaneously providing hundred of millions of dollars to the University's budget.
   Student loan borrowers that attended for-profit and two year community colleges earn low annual salaries; an average of $22,000 for people withdrawing from schools as of 2010. Making payments on a loan, the full monthly amount and on time, is difficult with low salaries. Statistics suggest that default rates are essentially lower within the demographic of borrowers with large loans than within borrowers with small loans. However, the scenery of borrowing has changed. Currently, most borrowers are older and attended a for-profit or two year community college. About ten years ago, the standard borrower was an established student at a four-year university.
   As a result of the corrupt practices revealed within the student lending industry, over $3 million was refunded to students and an additional $13.7 million was allocated to the National Education Fund[A4]. This fund was established by the New York Attorney General to help educate students on navigating the lending industry.
   Since 2005, Navient acquired the portfolio of "private student loans, Direct Department of Education Loans, and student loans that originated under the Federal Family Education Loan (FFEL) Program" account receivables from Sallie Mae. By 2015 U.S. Department of Education had contracted out to various federal accounts receivable collectors, including "Navient-owned Pioneer Credit Recovery, as well as Coast Professional, Enterprise Recovery Systems, National Recoveries and West Asset Management", the management of the "$744.3 billion portfolio of direct student loans".
  
  Section::::Largest debt buyers.
   The following colleges and universities offer such no-loan financial aid packages as of March 2008:
  
  Section::::Debt vs. grants.:Loan cap.
  
  Some universities have opted to have a "loan cap" program, which is a maximum loan — either per year or for the four years combined — designed to reduce the cost of attendance for low-income and middle-class students. The following schools have a loan cap program:
  
  Section::::Effect of financial aid on enrollment.
   The College of DuPage had a special fund for administrators called an "imprest fund." Any purchase made from the fund that is under the $15,000 is not subject to disclosure to the public or review by the Board of Trustees. The Board of Trustees reportedly failed to review the itemized receipts for $26 million of expenditures that college administrators have spent over 16 months. In October 2014, "The Washington Times" awarded COD its weekly “Golden Hammer Award,” given for waste, fraud, and abuse, in response to its management of this fund.
   BULLET::::- More than 60 colleges had "revenue sharing" agreements with Education Finance Partners. JP Morgan Chase was found to have spent $74,000 to “wine and dine” student loan officials from more than 200 colleges on board a Manhattan cruise ship in 2005. Additionally, the bank was shown to have employed five university loan officers while they still held positions at their respective colleges.
   As of July 1, 2006, all Stafford Loans are issued with a fixed interest rate. For direct loans and most loan providers, the rate is currently set at 6.80% for unsubsidized loans, with lower rates for subsidized loans for undergraduates, usually about 3.40%.
   In 2011, The New York Times published an editorial endorsing the return of bankruptcy protections for private student loans in response to the economic downturn and universally increasing tuition at all colleges and graduate institutions.
  
  A 2014 report from Consumer Financial Protection Bureau (CFPB), shows a rising problem with these types of loans. Borrowers face “auto-default” when cosigner dies or goes bankrupt. The report shows that some lenders demand immediate full repayment upon the death or bankruptcy of their loan cosigner, even when the loan is current and being paid on time.
  
  Section::::Participants.
   Since data collection began in 1987, the highest two-year default rate recorded was 22.4 percent in 1990. In 2012, the U.S. Department of Education released detailed federal student loan default rates including, for the first time, three-year default rates. For-profit institutions had the highest average three-year default rates at 22.7 percent while public institutions rates were 11 percent and private non-profit institutions at 7.5 percent. More than 3.6 million borrowers from over 5,900 schools entered repayment during 2008-2009, and approximately 489,000 of them defaulted. For-profit colleges account for 10 percent of enrolled students but 44 percent of student loan defaults.
   For example, a borrower looking to refinance their student loans would enter their current type of student loan, the highest degree they have obtained, and the loan amount.
  
  Section::::Charitable Works.
  
  Starting in 2016, LendEDU started working with One Tree Planted in an effort "to help with global reforestation and to make our Earth a better place." One Tree Planted and LendEDU have already planted thousands of trees in western North America since the beginning of the initiative.
   The amount of debt that students have after graduation has become an issue of concern, especially given the weak job market after 2008. Nearly all loans are financed by the federal government at an artificially low rate, but students sometimes obtain private loans (which generally have higher interest rates and start accumulating interest immediately).
  
  Several studies and news reports have detailed the effects of student loan debt on reducing first time home buying and child bearing—and ultimately slowing down the US economy.
   The New York Times published an editorial in August 2011 endorsing the return of bankruptcy protections for private student loans in response to the economic downturn and universally increasing tuition at all colleges and graduate institutions.
  
  Since 2005, Bankruptcy reform lead debtors have to take the responsibility of private student loan debt in bankruptcy which can decline debtors’ intention of reducing costly defaults to declare bankruptcy. 
   Bank Street’s most recent initiatives include the 2019 acquisition of the National Center for Children in Poverty (NCCP), formerly located at Columbia University’s Mailman School of Public Health, as well as new Graduate School online programs that provide educators across the country with increased access to a Bank Street education.
  
  The college is also planning to open Bank Street "Affiliate" Schools in South Korea and Dubai in order to expand its International Initiatives and Partnerships Program, whose programming will also place students in teach-abroad programs in South Africa, Nepal, China, and Rwanda.
  
  Section::::Academics.
  
  Section::::Academics.:Accreditation.
   The school ran into financial trouble in 2011 when the federal government cut $700,000 in annual funding. That same year, the U.S. Department of Education disqualified the school from receiving Pell Grant funding. By 2012, Urban College faced a financial deficit and planned to partner with Endicott College.
  
  Urban College had a $250,000 deficit that the school could not directly fill, resulting in complaints from the NEASC about the college's future financial viability. UCB aggressively took steps to remedy this situation.
   In April 2019, two-thirds of Georgetown students voted to establish a semesterly fee to fund reparations for descendants of the 272 enslaved people. The non-binding resolution was presented to the university for the approval of its board of directors.
   "The Economist" reported in June 2014 that U.S. student loan debt exceeded $1.2 trillion, with over 8 million debtors in default. Public universities increased their fees by a total of 27% over the five years ending in 2012, or 20% adjusted for inflation. Public university students paid an average of almost $8,400 annually for in-state tuition, with out-of-state students paying more than $19,000. For two decades ending in 2013, college costs have risen 1.6% more than inflation each year. Government funding per student fell 27% between 2007 and 2012. Student enrollments rose from 15.2 million in 1999 to 20.4 million in 2011, but fell 2% in 2012.
   One of its dysfunctions of higher education is rapidly growing student loan debt that may take decades to repay, even if they never graduate. Several student debt groups have been created since 2014, after the Debt Collective paid off student loans for 3,700 Everest College students.
  
  Section::::Student welfare.:Ending affirmative action.
   The college's Junior Semester in Rome program was established in 2002. Students live near the Vatican during the fall and spring, taking classes in St. Peter's Square and traveling across Europe during their time abroad.
  
  Since 1992, the student enrollment has grown from 144 undergraduates to nearly 500 students, not including graduate school students. The total financial assets have increased 440%, and total plant costs have increased 397%. As of the fall of 2012, the college has over 3100 alumni, with 2194 of them having earned degrees (A.A., B.A., or M.A.).
  
presuppositions: There are millions of dollars in college debt. Americans owe millions of dollars in college debt.
corrections: There are trillions of dollars in college debt. Americans owe trillions of dollars in college debt.
raw_presuppositions: There are millions of dollars in college debt. Americans owe millions of dollars in college debt.
raw_corrections: There are trillions of dollars in college debt. Americans owe trillions of dollars in college debt.