February 21, 2022
By: Freedom to Prosper team
The U.S. Department of Education recently announced that it will forgive another $415 million in student loan debt for 16,000 borrowers, specifically for defrauded students who were victims of for-profit colleges and scams.
This decision adds to the $15 billion in federal student loans already forgiven during President Joe Biden’s presidency.
The latest wave of student loan forgiveness was made possible by the Borrower Defense to Repayment programs. In the case of a school misleading a borrower, that borrower may be eligible to discharge some or all of the federal student loan debt. The program has had issues in the past and was severely limited under former Education Secretary Betsy Devos. However, the Biden administration has been working hard to strengthen the Borrower Defense program.
We applaud President Biden on this latest wave of student loan cancellations, and we encourage all of us to trumpet the calls to cancel all student loan debt.
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