Since President Biden took office, the Department of Education has canceled a total of $1.5 billion in student loan debt for nearly 92,000 students who were victims of for-profit college fraud.
Washington The Department of Education has canceled a total of $1.5 billion in student loan debt for nearly 92,000 students, who were victims of for-profit college fraud, since President Joe Biden took office.
The current administration has been taking steps to address the backlog of more than 100,000 forgiveness claims left over from the Trump administration. In its latest move, the Department of Education said Friday that it is canceling about $55.6 million, approving claims from 1,800 borrowers who attended either the now-defunct Westwood College, Marinello Schools of Beauty or the Court Reporting Institute.
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. The revisions made by DeVos put the rule in limbo throughout the entire Trump administration. For about 15 months between 2018 and 2019, zero applications were processed while the total pending grew at one point to more than 200,000.
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