Biden Cancels Student Loan Debt

President Biden and his administration has just reached a decision to cancel another $6 billion in federal student loan debt for around 200,000 borrowers who enrolled in for-profit colleges/universities.

According to Fox, the decision to cancel the debt applies to 150 schools. Some of those school include well known colleges such as DeVry University, the University of Phoenix, ITT Technical Institute and more.

Furthermore, an additional 68,000 borrowers who didn’t attend these schools will have their application for debt relief fast tracked because of a new deal.

Project on Predatory Student Lending director Eileen Connor stated, “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.”