Biden Administration Forgives $ 1.1 Billion Student Loans 115,000 Borrowers

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Stephanie Reynolds / UPI / Shutterstock

Stephanie Reynolds / UPI / Shutterstock

On Thursday, the US Department of Education announced that 151,000 borrowers who attended the ITT have been approved for the program. Cancellation of $ 1.1 Billion Student Loans… These borrowers who dropped out of school after March 31, 2008 100% of their loans will be forgiven.

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“Today’s action is a continuation of the Department’s efforts to improve and use targeted loan agencies to provide meaningful assistance to student borrowers,” Education Secretary Miguel Cardona said in a statement.

Former students have argued that ITT has repeatedly misrepresented how much students can expect to earn and what jobs they can get after graduation between 2005 and 2016. The department also found that ITT misled students about their ability to transfer loans to other educational institutions from January 2007 to October 2014. Loans were rarely transferred and borrowers’ educational path was limited despite taking out student loan debt. …

ITT was closed in 2016 after the US government banned the institution from admitting students receiving federal aid, according to The Wall Street Journal.

The evidence against ITT was made possible by investigations led by partners from the Consumer Financial Protection Bureau and the Iowa Attorney General’s Office, and by successful training for veterans. The department said that borrowers will be notified in the coming weeks.

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Today, This brings the total loan cancellation under the Biden-Harris administration to $ 9.5 billion for 563,000 borrowers., CNBC reports.

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Last updated: Aug 27, 2021

This article first appeared on GOBankingRates.com: Biden Administration Forgives $ 1.1 Billion Student Loans 115,000 Borrowers

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