About 200,000 people will have roughly $6 billion worth of student loan debt canceled under a deal reached by the Biden administration this week.
U.S. Secretary of Education Cardona touches upon the Biden-Harris administration's work in giving borrowers a fresh start when it comes to loan forgiveness and Pell.for about 200,000 borrowers who attended mostly for-profit colleges.
The agreement covers more than 150 schools, including DeVry University, the University of Phoenix, and the recently defunct ITT Technical Institute.will have their applications for relief fast tracked under the deal. Activists hold signs as they attend a Student Loan Forgiveness rally on Pennsylvania Avenue and 17th street near the White House on April 27, 2022 in Washington, DC.
The lawsuit was originally filed in 2019 and argued that the Department of Education intentionally stalled the borrower defense process, which is how people apply for relief if they believe a college they attended made false advertising claims. Eileen Connor, the director of the Project on Predatory Student Lending, which represented the plaintiffs, celebrated the "momentous proposed settlement" on Thursday.
"It will not only help secure billions of dollars in debt cancellation for defrauded students, but charts a borrower defense process that is fair, just, and efficient for future borrowers," she said in a statement. President Biden speaks in the East Room of the White House in Washington, Tuesday, April 5, 2022.cancel about $5.
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