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President Joe Biden Cancels $3.9 Billion Of Student Loans
Biden Administration Cancels $3.9 Billion In Student Debt
President Joe Biden will cancel $3.9 billion of student loans.
The Biden administration announced today that it will discharge all remaining federal student loans for 208,000 student loan borrowers who attended ITT Technical Institute (ITT), a for-profit college, from January 2005 through its closure in September 2016.
These student loan borrowers will receive a discharge through borrower defense to repayment and don’t need to apply to get their student loans canceled.
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Biden’s major announcement comes at a critical juncture as he considers whether to enact wide-scale student loan cancellation and extend the student loan payment pause for millions of student loan borrowers.
“It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” U.S. Secretary of Education Miguel Cardona said.
“The evidence shows that for years, ITT’s leaders intentionally misled students about the quality of their programs in order to profit off federal student loan programs, with no regard for the hardship this would cause.
The Biden-Harris Administration will continue to stand up for borrowers who’ve been cheated by their colleges, while working to strengthen oversight and enforcement to protect today’s students from similar deception and abuse.”
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