The Biden admin acts on student loan forgiveness …
The announcement by Education Sec Cardone will relieve One Billion Dollars of debt to American’s….
The student loan programs have a LOT of money outstanding and a LOT of complaints about how the programs are administered to make more money for the companies doing the loans….
Students who were defrauded by for-profit colleges will have their federal school loans eliminated, the Education Department announced on Thursday.
Why it matters: The change will eliminate approximately $1 billion in student loan debt for 72,000 borrowers who filed claims, AP reports.
- Debts of students whose claims were already approved will be erased.
- The department will also review backlogged cases and re-evaluate cases that were denied.
- Students who received partial credits from these universities will also be reimbursed for any payments already made on the loans, again be eligible for federal student aid and have any negative ratings resulting from loan repayments removed by credit bureaus.
What they’re saying: “A close review of these claims and the associated evidence showed these borrowers have been harmed, and we will grant them a fresh start from their debt,” said Secretary of Education Miguel Cardona, who is pushing to simplify borrower relief….
One hopes that the new Education Sec’s people will work to fix others student loans situations like the program to forgive the debt of those who work at school’s and other education jobs that where told their student loan debt would also be forgiven only to find the government going out of its way to disqualify all but a tiny amount of those who submitted their paperwork for their forgiveness ….