Biden Admin to Cancel $415 Million in Student Loan Debt for Roughly 16,000 People
The Biden administration announced Wednesday it will cancel $415 million in student debt for nearly 16,000 borrowers who claim they were misled by for-profit colleges.
The loans for almost 16,000 former students will be canceled under a legal provision called the borrower defense to repayment, which allows students to have their debts erased if they prove a for-profit school defrauded them, the Department of Education (DOE) said in a press release.
The DOE found that DeVry University, Westwood College, ITT Technical Institute nursing school and Minnesota School of Business/Globe University provided false information regarding their graduates’ job placement.
The Education Department has announced that it has canceled another $415 million in federal student loan debt owed by nearly 16,000 borrowers who were misled by for-profit colleges. https://t.co/JLdtHg1qYk
— CNN (@CNN) February 17, 2022
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