Biden Will Forgive Debts for Students Defrauded

Rolling Stone: “The Biden administration announced it is rescinding a Trump administration rule that only gave partial relief to borrowers defrauded by for-profit institutions. The decision could affect 72,000 borrowers who received less than complete relief under the Trump-era formula and grant them a combined $1 billion in canceled loans.”

“While the Obama administration made it possible for students defrauded by for-profit colleges to secure complete loan relief starting in 2015, Trump’s education secretary, Betsy DeVos — a friend of the for-profit education industry who had investments in a student-debt collection agency — changed the rules to make it harder for borrowers to get that relief. And even if they were approved for relief, it was only partial.”