Biden administration cancels $500 million of student debt of scammed students

Biden administration cancels $500 million of student debt of scammed students
·6 min read

Roughly 18,000 borrowers who were scammed by their college will have their federal student loans discharged, amounting to approximately $500 million in relief, the Department of Education announced Wednesday. The 18,000 borrowers who will have their debt cancelled had filed claims seeking relief under the borrower defense rule, which allows borrowers who attended schools that were found to have misled them to have their federal student loans discharged. The Department said it will be notifying borrowers that their claims were approved in the coming weeks.

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