Biden administration eliminates $3.9 billion in student debt.
By The Exchange Team
The U.S. Ed. Depart. said that it will eliminate any remaining federal student debt taken on by ITT Technical Institute borrowers since 2005.
ITT Educational Services was one of the largest for-profit technical school operators in the U.S. until 2016.
Borrowers should not have to apply for the assistance, according to the Education Department.
The Education Department concluded ITT Tech misrepresented students' job prospects and credit transferability.
ITT's management misled students about the quality of its programs for years to profit off government student loans, said U.S. Edu. Sec. Miguel Cardona.
“The Biden Cabinet will stand strong for borrowers who were fooled by their colleges, while working to increase oversight and enforcement,” Cardona said.
Till Date, Biden-Harris Cabinet has cancelled $32 billion in student loans for 1.6 million borrowers.