WASHINGON (CNN) – The US Department of Education said Thursday it will cancel over $ 1 billion in student loan debt for some students who have been defrauded.
President Joe Biden approved the cancellation of the student loan for students who attended the now defunct commercial technical institute ITT.
The Ministry of Education is making automatic cancellations for borrowers who meet the requirements starting in September.
As a result, the total amount of loan payments approved under President Biden is almost $ 10 billion.
Most of this debt belongs to permanently disabled borrowers who have long been eligible for loan forgiveness but have not applied.