News
Court Approves $6 Billion In Student Loan Forgiveness For 200,000 Borrowers To Resolve Lawsuit | Forbes
A federal court has approved a landmark settlement that will lead to an estimated $6 billion in student loan forgiveness for over 200,000 borrowers.
200,000 student-loan borrowers get a 'grand slam' after a federal judge moves them closer to $6 billion in debt cancellation | Insider
Thousands of student-loan borrowers defrauded by for-profit schools just got one step closer to getting their debt wiped out.
200,000 student borrowers who say they were ripped off may get their loans | NPR
On Aug. 4, a federal judge will decide whether to preliminarily approve a settlement that would erase the debts of 200,000 borrowers who say they were defrauded by their colleges.
Government to Cancel $6 Billion in Student Loans for Defrauded Borrowers | New York Times
Around 200,000 former students who attended schools that they said had defrauded them will have $6 billion in federal loans canceled under a sweeping settlement announced on Wednesday, the latest move by the Biden administration to address the student loan crisis by eliminating some debts.
When colleges defraud students, should the government go after school executives? | NPR
In a shocking investigation, the U.S. Senate declared the federal student loan program "plagued by fraud and abuse." Its report heaped scorn on for-profit trade schools for serving 22% of federal student loan borrowers but accounting for 44% of defaults. "The school keeps the student aid money ... and the student is left holding the bag with a poor credit rating, no job and no income to repay the student loan.”
Report On Fraud Committed By ITT Technical Institute Highlights Need To Protect Student Loan Borrowers With Stronger Regulation Of For-Profit Colleges | Forbes
Last week the Project on Predatory Lending released an extensive report detailing abuses by the now-closed ITT Technical Institute (ITT Tech). The report details how ITT Tech systematically defrauded millions of students over decades, abused the federal financial aid system and left students weighed down with student loan debt and worthless credentials.
The $1.7 Billion Student Loan Deal That Was Too Good to Be True | New York Times
The settlement was portrayed as a win-win for 39 states and the loan giant Navient. But thousands who received predatory loans will still have to pay.
DeVry, ITT Tech students among thousands of defrauded borrowers to receive $415 million in loan cancellation | Washington Post
The Education Department said Wednesday that it will cancel the federal student loans of nearly 16,000 people defrauded by DeVry University, ITT Technical Institute and Minnesota School of Business/Globe University.
Education Department cancels $415 million in student debt for victims of for-profit college fraud | CNN Politics
The Education Department announced Wednesday that it has canceled another $415 million in federal student loan debt owed by nearly 16,000 borrowers who were misled by for-profit colleges.
Department of Education to cancel $415 million in student loan debt | MarketWatch
Roughly 16,000 borrowers who were scammed by their schools will have their federal student loans discharged, resulting in $415 million in relief, the Department of Education announced Wednesday. The borrowers receiving relief attended four for-profit colleges that the agency found misled students in the process of luring them into enrolling and taking on debt to pay for school.