Borrower Defense to Repayment program advances debt cancellation.
Secretary of Education Miguel Cardona announced on Thursday that up to 72,000 former college students who misled, defrauded, or “otherwise harmed” by for-profit colleges could have their college loans fully forgiven under the Borrower Defense program. While the Department of Education had previously taken a more cautious approach toward the cancellation of Direct Loans, this new streamlining of debt relief is anticipated to cancel approximately $1 billion in student loans.
”Borrowers deserve a simplified and fair path to relief when they have been harmed by their institution’s misconduct,” said Secretary Cardona. “A close review of these claims and the associated evidence showed these borrowers have been harmed and we will grant them a fresh start from their debt.”
As the Lord Leads, Pray with Us…
- For wisdom for Secretary Miguel Cardona as he leads his department.
- That God would work through the president’s administration to accomplish His purposes.
- For students who have been subject to predatory lending practices in higher education.
Sources: AP, Forbes
