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Joe Biden‘s Department of Education has canceled $500 million in student loan debt for 18,000 defrauded borrowers.
On Wednesday, Education Secretary Miguel Cardona canceled debt for about 72,000 borrowers who for-profit schools defrauded. Another 18,000 got student loan debt relieved as well. In a press release, the department announced that it approved 18,000 borrower defense to repayment claims for individuals who attended ITT Technical Institutes.
According to Insider, those borrowers will get 100 percent of their student debt forgiven, which will be $500 million in relief. “Our action today will give thousands of borrowers a fresh start and the relief they deserve after ITT repeatedly lied to them,” Cardona said in a statement.
He continued: “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.”
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