The Biden administration continues to make good on its promise to cancel student loan debt, as it has just been confirmed by the White House that another large loan has been canceled — and the now-closed ITT Institute of Technology is at the heart of it. that work. More than 200,000 students who attended the ITT Institute of Technology have now been thanked by President Biden for officially canceling their $3.9 billion student loan debt.
@CNN reports, according to a recent announcement from the Department of Education, nearly $4 billion in student loan debt was canceled for approximately 208,000 students who attended the ITT Institute of Technology between January 1, 2005 and September 2016 when it closed permanently. . This now brings the total amount of student loan cancellations approved under President Biden to nearly $32 billion. Currently, there is no specific announcement on how long borrowers will be notified of loan cancellations, as the Department of Education explains that the borrower’s student loan provider must be advance notice.
For those who qualify for student loan forgiveness, it includes people who have federal student loan debt even if they didn’t previously apply for student loan relief under the consumer protection program. Borrowing from the Ministry of Education. However, there may also be outstanding ITT Tech alumni who are ineligible because they attended before the first cancellation date of January 2005.
You may recall that the ITT Institute of Technology was officially closed after the federal government withdrew its funding because the institute failed to demonstrate that it adhered to specific accreditation standards. Speaking about the recent decision regarding ITT Tech, Education Minister Miguel Cardona said, “It is time for student borrowers to stop burdened by years of lies and broken promises by ITT.”
He also added that “Evidence shows that for years, ITT leaders have deliberately misled students about the quality of their programs to profit from federal student loan programs. , regardless of the difficulty this would cause.”