The Biden administration announced a significant wave of student loan forgiveness, canceling billions of dollars in debt for over 150,000 borrowers. This debt relief targets borrowers who attended schools that closed while they were enrolled or provided a substandard education. The announcement highlights the administration's commitment to addressing the burden of student loan debt and providing relief for those who were misled or disadvantaged by their educational institutions.
The Biden administration announced this week that more than 150,000 federal student loan borrowers will have their debt forgiven, totaling approximately $4.2 billion. This announcement comes just days before the implementation of President Biden's student loan forgiveness program. Borrowers may qualify for this relief if their school closed while they were enrolled or if they were misled by their school or did not receive a quality education.
The Education Department stated that it had approved group discharges for 73,600 students who attended schools owned by the Center for Excellence in Higher Education, including Independence University and California College San Diego. This $1.15 billion in debt forgiveness will benefit borrowers who attended these institutions between January 1, 2006, and August 1, 2021.Another 11,000 borrowers will have their student debt canceled if they attended any location of Drake College of Business between January 1, 2008, and July 31, 2015, when the school closed. This debt cancellation totals $107 million. Lastly, 280 borrowers who enrolled in the Criminal Justice Program at Lincoln Technical Institute's campus in Lowell, Massachusetts, between 2010 and 2012, or the Somerville, Massachusetts, campus from 2010 to 2013, will have their federal student debt cleared. These borrowers will receive a total of $1.4 million in loan forgiveness. Eligible borrowers who attended these institutions will receive the aid automatically, even if they did not apply for it, the department said.This round of relief includes some borrowers automatically approved for debt forgiveness through data matches with the U.S. Social Security Administration and the Department of Veteran Affairs. Other borrowers applied for the loan discharge. Borrowers who qualify for discharge based on a total and permanent disability may apply if they suffer from a mental or physical disability that prevents them from working. Proof of the disability can come from a doctor, the Social Security Administration, or the Department of Veterans Affairs.
Student Loans Debt Forgiveness Education Department Biden Administration School Closures
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