The Department of Education said it will cancel $1.1 billion in student loan debt for some students who attended now-defunct for-profit ITT Technical Institute — bringing the total amount of loan discharges approved under President Biden to $9.5 billion
The majority of that debt is held by permanently disabled borrowers who have long been eligible for loan forgiveness but who have not applied. The Department of Education is making the cancellation automatic by using federal data to identify borrowers who qualify. The change will impact 320,000 borrowers, eliminating $5.8 billion in debt starting in September.
Former Education Secretary Betsy DeVos made it clear that she thought the rule was"bad policy" that puts taxpayers on the hook for the cost of the debt relief without the right safeguards in place and made changes to limit its reach.There are many borrowers who are eligible for debt relief that could still be waiting, according to Student Defense, a nonprofit group that advocates for students' rights and has been calling on the Department of Education to speed up the process.
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