Former ITT Tech students get $3.9B in debt cancellation

Student Loan Forgiveness
Posted at 2:27 PM, Aug 16, 2022
and last updated 2022-08-16 14:27:10-04

WASHINGTON — Students who used federal loans to attend ITT Technical Institute as far back as 2005 will automatically get that debt canceled.

This comes after authorities found “widespread and pervasive misrepresentations” at the defunct for-profit college chain.

The Biden administration says the action will cancel $3.9 billion in federal student debt for 208,000 borrowers.

It adds to the administration’s list of piecemeal student debt cancellations, but it provided no answers on broader student debt cancellation.

President Joe Biden supported debt cancellation as a presidential candidate and for months has been considering erasing up to $10,000 per borrower.

He promised a decision by the end of August.