US Secretary of Education Cardona touches on the work of the Biden-Harris administration to give a fresh start to borrowers when it comes to loan forgiveness and Pell.
The Biden administration struck a deal this week to cancel $ 6 billion in a federal student loan for about 200,000 borrowers, who attend mostly for-profit colleges.
The agreement covers more than 150 schools, including DeVry University, the University of Phoenix and the recently defunct ITT Technical Institute.
Another 68,000 borrowers who have not attended eligible colleges will receive a quick follow-up to their relief requests under the deal.
Activists held placards while attending a student loan forgiveness rally on Pennsylvania Avenue and 17th Street near the White House on April 27, 2022 in Washington, DC. (Anna Moneymaker / Getty Images / Getty Images)
The lawsuit was originally filed in 2019 and it is alleged that the Ministry of Education deliberately stopped the process of protecting the borrower, thus people apply for relief if they believe that a college they attended has made false advertising allegations.
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Eileen Connor, director of the Predatory Student Lending Project, who represented the plaintiffs, celebrated the “significant proposed agreement” on Thursday.
“This will not only help provide billions of dollars in debt cancellation for fraudulent students, but will outline a process of protecting the borrower that is fair, equitable and effective for prospective borrowers,” she said in a statement.
A hearing of a judge to give the final signing of the deal is scheduled for July 28.
President Biden speaks in the East Room of the White House in Washington, DC, Tuesday, April 5, 2022 (AP Photo / Carolyn Kaster / AP Newsroom)
The deal comes weeks after the Biden administration announced it would cancel a debt of about $ 5.8 billion for anyone attending a school in Corinth.
From the first days of the Biden administration, the progressive wing of the Democratic Party has been urging the president to cancel a $ 50,000 student loan debt for each borrower.
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So far, Biden has resisted these calls, but the Washington Post reported last month that the White House is considering canceling up to $ 10,000 in student debt for any borrower who makes less than $ 150,000 a year, or $ 300,000 combined for couples. .
The Associated Press contributed to this report.
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