Any student who borrowed federal money to take classes at ITT Technical Institute — a large for-profit college that closed in 2016 following government sanctions — will have their debts erased. The relief, about $4 billion in total, will benefit about 208,000 borrowers who attended the college from January 2005 through its closure in September 2016.
Education Secretary Miguel Cardona said the college misled students about its academic programs “in order to
profit off federal student loan programs, with no regard for the hardship this would cause.”
“It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” Cardona said.
Why are ITT Tech students getting debt relief?
The Education Department can erase the debt of students who prove they were taken advantage of by their colleges.
Borrowers usually have to file for this relief individually through the borrower defense rule.
The federal government previously found ITT Tech misled students about their ability to find a job or transfer their credits to
a different institution, according to a news release. The agency had already forgiven $2 billion in student loan debt of about
130,000 students who had attended the college prior to Tuesday’s announcement.
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