Loan relief granted to defrauded commercial college students

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The US Department of Education says it is writing off the student debt of thousands of borrowers who attended a network of commercial colleges that exaggerated graduate job search success. The Biden administration approves 18,000 loan forgiveness applications from former students at the ITT, which closed in 2016. Payments on the loan will allow to pay off more than $ 500 million of debt. The move, announced Wednesday, marks a step forward in the Biden administration’s efforts to tackle backlog of claims in a program to forgive loans to students defrauded by their colleges. Many students said they had a harder time finding a job when they listed ITT Tech on their resumes. Borrower advocates applaud the loan forgiveness.

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