(TheLastPatriotNews.com) – HAPPENING NOW: Just moments ago, the United States Department of Education announced that it is canceling $3.9 billion in student debt for student loan borrowers who attended ITT Technical Institute.
According to the business news network CNBC:
“The U.S. Department of Education announced on Tuesday that it will cancel all remaining federal student debt taken on by borrowers who were defrauded by ITT Technical Institute since 2005, delivering $3.9 billion in relief to some 208,000 people.
“ITT Educational Services was at one point one of the largest operators of for-profit technical schools in the U.S., and shut down in 2016. Borrowers shouldn’t have to apply for the relief, the Education Department said.” [emphasis added]
By way of explanation:
“The Education Department found that ITT Tech engaged in widespread and pervasive misrepresentations, including lying about students ability to get a job or transfer credits.” [emphasis added]
In a statement about the Biden administration’s decision to cancel the debt, U.S. Secretary of Education Miguel Cardona said:
“The Biden-Harris Administration will continue to stand up for borrowers who’ve been cheated by their colleges, while working to strengthen oversight and enforcement to protect today’s students from similar deception and abuse.”
THIS IS A BREAKING NEWS REPORT FROM THE LAST PATRIOT NEWS.
What is your opinion about the Biden Department of Education canceling $3.9 billion in student debt for student loan borrowers who attended ITT Technical Institute? Do you agree with the decision, given that ITT Technical Institute was found to have engaged in widespread misrepresentations to its students? Please share your reactions and thoughts by emailing [email protected]. Thank you.
