Students Who Got Partial Loan Relief To See Full Discharge | Associated Press
Students who were defrauded by their colleges and received only partial relief from their federal loans could now see them fully canceled, the Biden administration announced Thursday, reversing a Trump administration policy.
Education Department Scraps a Trump-Era Policy That Limited Debt Relief for Defrauded Students. | New York Times
Tens of thousands of borrowers who attended for-profit schools like Corinthian Colleges and ITT Technical Institute that defrauded students will have their student loan debts eliminated after the Education Department rescinded some changes made during the Trump administration that gutted a relief program.
Biden Administration To Cancel $1 Billion In Student-Loan Debt Held By Scammed Borrowers | MarketWatch
Borrowers who were scammed by their schools but who only received partial relief from their student-loan debt under the Betsy DeVos-era Department of Education will have their loans fully discharged — a move that will result in an estimated $1 billion in debt relief, the DOE announced Thursday.
Education Department Throws Out Trump-Era Rule For Defrauded Students | Yahoo Finance
The Education Department (ED) has thrown out a Trump-era rule that limited debt relief for 72,000 borrowers who had graduated from fraudulent for-profit colleges. “We conducted a review of the partial relief methodology that was in place and determined that it was not granting appropriate levels of relief to borrowers given the degree of harm they witnessed,” a senior department official stated on a call with reporters. “The feeling was that [the methodology] didn’t quite go far enough.”
Education Department Scraps DeVos Loan Relief Standard (1) | Bloomberg Government
The Biden administration will scrap standards issued by former Education Secretary Betsy DeVos that granted only partial loan forgiveness to defrauded student borrowers. The announcement from Secretary Miguel Cardona is the first step in the Education Department’s wider overhaul of relief policies for borrowers whose schools engaged in fraud or misconduct.
Cardona Scraps DeVos Policy, Will Fully Cancel Debt of Many Students Defrauded by Colleges | Washington Post
About 72,000 people will have their federal loans fully canceled after Education Secretary Miguel Cardona on Thursday scrapped a plan to give partial debt relief to students defrauded by their colleges, ending a controversial policy instituted by his predecessor Betsy DeVos.
Education Dept. Begins Rolling Back Trump-Era Policies On Defrauded Students | NPR
The U.S. Department of Education announced Thursday it is scrapping a controversial formula, championed by former Education Secretary Betsy DeVos, that granted only partial student loan relief to borrowers who were defrauded by private, for-profit colleges. It will instead adopt what it’s calling a “streamlined approach” for granting borrowers full relief.
72,000 Borrowers Will Get $1 Billion In Student Loan Forgiveness – Do You Qualify? | Forbes
The U.S. Department of Education announced on Thursday that tens of thousands of student loan borrowers who were defrauded by their schools will receive student loan forgiveness that could total $1 billion.
“Attacking the Concept of Debt” | Harvard Magazine
Only a few years ago, Douglas Jones, who worked night shifts as a security guard at a nursing home in Roxbury, was hesitant to spend even $10 more than his typical budget allowed. Payments on his student loan debt were being withdrawn directly from his bank account. If the balance was short—for instance, if Jones hadn’t managed to get 40 hours at his job that week—the bank charged an overdraft fee. The debt had ruined his credit score and he hadn’t had a credit card in years. “They were even taking money I didn’t have,” Jones says. “It was stressing me the hell out.” Along with millions of other Americans, Jones had fallen prey to the for-profit college industry, which is in essence a two-pronged system—federal loans at one end and for-profit schools designed to access those loans at the other.
Defrauded Student Loan Borrowers Win, but Still Lose | New York Times
Education Secretary Betsy DeVos is denying huge batches of relief requests from students whose schools defrauded them. Even those who aren’t denied are getting very little — or sometimes nothing.