Biden administration will cancel $500 million in student loan debt

Source: Adam Minsky, Forbes

The student loan forgiveness will be granted through the Borrower Defense to Repayment program. The program, which was established with formal regulations and procedures under the Obama administration in 2016, provides student loan forgiveness to students who were misled, defrauded, or otherwise harmed by predatory colleges and universities – often, for-profit schools.

The most recent wave of Borrower Defense approvals will provide for complete federal student loan cancellation for 18,000 borrowers who attended ITT Technical Institutes, a for-profit college chain that collapsed in 2016 following allegations of widespread fraud. These approvals are in addition to Borrower Defense relief announced by the Department of Education earlier this year, which will impact 72,000 additional student loan borrowers who applied for loan forgiveness.

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