Forgiveness is for students defrauded by the institute.
The Department of Education announced that the 180,000 students who were defrauded by ITT Technical Institute will have their student loans forgiven. In total, over $500 million worth of student debt was forgiven, amounting to an average of nearly $28,000 per borrower.
The move is part of the borrower defense program, which offers loan repayment forgiveness for students who feel they were misled by an institution of higher education. The administration has canceled $1.5 billion worth of student loans for approximately 90,000 borrowers under this program so far.
ITT, which closed in 2016, had been found to have made false claims about employment processes, as well as the ability to transfer credits. The Department of Education found the Institute misrepresented the earning potential of a degree from ITT.
As the Lord Leads, Pray with Us…
- For U.S. education officials administering the borrower defense program.
- For the president and his administration as they seek to protect students from predatory lending practices.
- For students who have government-secured loans but who have fallen behind or are unable to make payments.
Sources: Department of Education, Fox News
