Nearly half a million borrowers could see student debt forgiveness
A recent court ruling will pave the way for the discharge of more than 170,000 federal student loan borrowers’ debt after they claimed to have been defrauded by their colleges.
The federal borrower’s defense program provides borrowers with opportunities to obtain debt forgiveness if their colleges engaged in activities meant to mislead or defraud attendees regarding job placements and occupational earnings, according to a news article from The Hill. Under the program, the Biden administration was obligated to address thousands of unresolved 2019 claims in 2022 or agree to debt relief in 2026. The Trump administration appealed to delay the 2026 deadline, but the 9th U.S. Circuit Court of Appeals upheld a denial of the request.
As a result of the decision, the U.S. Department of Education announced plans to eliminate about $11 billion in student loan debt — adding to the previous settlement amount and totaling about $23 billion in debt forgiveness among more than 450,000 borrowers.
Read more: The Hill
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