AP National Business
Writer AP Education
The Department of Education announced that it would forgive student debt for more than 100,000 borrowers who attended colleges in the now defunct ITT network of technical institutes but left before graduation. The agency says it will cancel federal loans for borrowers who left commercial colleges during the eight-year window before they closed in 2016. The department claims that ITT Tech lied about its financial condition at the time. The promotion will offer forgiveness on a $ 1.1 billion loan to 115,000 borrowers who attended ITT Tech. The company closed in 2016 after the Obama administration imposed a series of sanctions on it. ITT Tech has over 130 campuses in 38 states.