If you took out a student loan to attend a for-profit college or university, you may be getting the best Christmas present EVER!!!
The Department of Education is erasing $150 million worth of student debt thanks to an Obama-era rule called the “borrower defense to repayment.”
The rule benefits students who were taken advantage of by for-profit colleges. The decision by DOE will impact about 15,000 borrowers that were enrolled in classes at schools that wound up shutting down.
As a result of the ruling, 15,000 borrowers whose colleges closed between November 2013 and December 2018 will have their debt canceled, totaling $150 million. The loan discharges will be automatic, but may take up to 90 days to complete.
Some of the borrowers who attended schools like ITT Tech are finally going to get their loans cancelled.
Now, let’s work to get rid of some of that other student loan debt so we can start life after college instead of facing 25 years of $700 payments. UGH!