Biden's administration will cancel $500 million in student loan debt—here are key details:
The Biden administration on Wednesday announced that it will be cancelling $500 million in student loan debt for thousands of borrowers. Here are the details.
... [+]President Vladimir Putin at the Villa La Grange. Mikhail Metzel/TASS (Photo by Mikhail Metzel\TASS via Getty Images)Mikhail Metzel/TASSThe Biden administration on Wednesday announced that it will be cancelling $500 million in student loan debt for thousands of student loan borrrowers.
The student loan forgiveness will be granted through the Borrower Defense to Repayment program. The program, which was established with formal regulations and procedures under theObama administration in 2016, provides student loan forgiveness to students who were misled, defrauded, or otherwise harmed by predatory colleges and universities – often, for-profit schools.
Under former Education Secretary Betsy DeVos, the Department of Education issued new rules governing the Borrower Defense program, which substantially weakened the available relief and increased the burden of proof required to prevail. The Department also instituted a controversial new policy of providing partial (instead of complete) student loan forgiveness for approved applications. headtopics.com
Under the Biden administration, Education Secretary Miguel Cardona changed the “partial relief” policy for approved Borrower Defense applications, allowing borrowers to receive complete student loan forgiveness, along with refunds for payments already made.
The most recent wave of Borrower Defense approvals will provide for complete federal student loan cancellation for 18,000 borrowers who attended ITT Technical Institutes, a for-profit college chain that collapsed in 2016 following allegations of widespread fraud. These approvals are in addition to Borrower Defense relief announced by the Department of Education earlier this year, which will impact 72,000 additional student loan borrowers who applied for loan forgiveness.
“Our action today will give thousands of borrowers a fresh start and the relief they deserve after ITT repeatedly lied to them,” said Secretary Cardona in astatement. “Today’s action is part of the Biden-Harris Administration’s continued commitment to stand up for borrowers when their institutions take advantage of them. Many of these borrowers have waited a long time for relief, and we need to work swiftly to render decisions for those whose claims are still pending. This work also emphasizes the need for ongoing accountability so that institutions will never be able to commit this kind of widespread deception again.”Read more: Forbes »
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Do you think he might follow this up by beginning to consider cancelling some student debt? Meanwhile Senior Citizens are rationing meds and meals to pay for medical bills They can’t move any database let alone make a cancellation decision without the judges request of my consent
Biden cancels $500 million in student debt for victims of for-profit school fraudThe Department of Education is canceling $500 million in student loan debt for 18,000 former ITT Tech students defrauded by the now defunct for-profit college Will students from Trump University be next? Praise god
Education Department Forgives $500 Million in Debt for Former ITT Tech StudentsThe loans of 18,000 former ITT Tech students were forgiven under a legal provision that allows students to have their debts erased if they prove they were defrauded by their schools good luck Wow.. sticazzi. brusco_sandro ne parlavate a margine dell’analisi sul piano Biden con micheleboldrin e clementi_gl.. no?
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