(Washington, DC) — The Biden Administration is canceling about one-billion-dollars in student loan debt for people who were defrauded by for-profit colleges. This will deliver full loan-forgiveness for 73-thousand people who were originally deemed eligible by former Trump administration Education Secretary Betsy DeVos. However, once the Trump administration changed the cancellation calculation, only partial forgiveness was paid out and more than 200-thousand borrowers defense claims created a backlog at the department. The process began under the Obama Administration when for-profit colleges, such as Corinthian and ITT Tech, were found to have misled students with inflated job placement numbers.
Stephen Gugliociello Copyright © 2021 TTWN Media Networks Inc.
