The Biden administration continues to make good on its promise to cancel student loan debt, as it was confirmed through the White House that another large amount has just been canceled – and now closed.TT Technical Institute is in its center. The more than 200,000 students who previously attended the ITT Technical Institute now have President Biden to thank for officially canceling $3.9 billion of their student loan debt.
@CNN reports, a . According to recent announcement From the Department of Education, approximately $4 billion in student loan debt has been canceled for the approximately 208,000 students who attended the ITT Technical Institute between January 1, 2005 and September 2016 during its permanent closure. This now brings the total amount of student loan cancellations approved under President Biden to nearly $32 billion. As of yet, it has not been specified how soon borrowers will be notified of their loan cancellation, as the Department of Education states that the borrower’s student loan servicer must first be notified.
Who is eligible to receive student loan loan forgiveness includes those with federal student loan debt, even if they had not previously applied for student loan relief under the repayment program under the Defense Department of Education’s borrowers. However, there may be former ITT Tech students who have outstanding debts who are not eligible because they attended before the January 2005 date of initial cancellation.
You may recall that the ITT Technical Institute was officially closed after the federal government withdrew its funding after the institute failed to prove it complied with specific accreditation standards. Speaking about the recent decision regarding ITT Tech, Education Secretary Miguel Cardona said, “It is time for student borrowers to stop carrying the burden of ITT’s years of lies and false promises.”
He also noted that “evidence shows that over the years, ITT leaders deliberately misled students about the quality of their programs in order to benefit from federal student loan programs that would not cause any difficulties.”