{"id":40689,"date":"2023-07-26T09:54:43","date_gmt":"2023-07-26T13:54:43","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/biden-announces-another-130-million-in-student-loan-forgiveness\/"},"modified":"2023-07-26T09:54:45","modified_gmt":"2023-07-26T13:54:45","slug":"biden-announces-another-130-million-in-student-loan-forgiveness","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=40689","title":{"rendered":"Biden Announces Another $130 Million In Student Loan Forgiveness"},"content":{"rendered":"
\n

The Biden administration has announced $130 million in new student loan forgiveness for thousands of borrowers. The announcement comes on the heels of an additional $39 billion in student debt relief the Education Department unveiled earlier this month.<\/p>\n

The administration approved the relief for students who enrolled at a school that officials accused of making \u201cwidespread misrepresentations.\u201d Borrowers who are eligible for student loan forgiveness under the initiative will receive their discharges automatically.<\/p>\n

Here\u2019s what borrowers should know.<\/p>\n

New Group Discharge Will Result In $130 Million In New Student Loan Forgiveness<\/h2>\n

The relief centers on students who enrolled in Colorado-based locations of CollegeAmerica.<\/p>\n

\u201cThe U.S. Department of Education (Department) found that CollegeAmerica\u2019s parent company, the Center for Excellence in Higher Education (CEHE), made widespread misrepresentations about the salaries and employment rates of its graduates, the programs it offered, and the terms of a private loan product it offered,\u201d said the Education Department in a press release on Tuesday announcing the relief.<\/p>\n

<\/fbs-ad><\/p>\n

The department relied in part on evidence gathered by the Colorado Attorney General\u2019s Office in legal proceedings against CEHE. Citing this evidence, the department concluded that CEHE had misled prospective students about their earnings prospects, and \u201cinflated and falsified job placement rates.\u201d<\/p>\n

\u201cThis announcement means a clean slate for thousands of students hurt by CollegeAmerica\u2019s widespread misconduct,\u201d said the the Education Department\u2019s Federal Student Aid Chief Operating Officer Richard Cordray in a statement. \u201cWe will continue to work to deliver targeted student loan relief to borrowers whose schools take advantage of them.\u201d<\/p>\n

Who Qualifies For Student Loan Forgiveness Under The Group Discharge<\/h2>\n

The relief is being provided through Borrower Defense to Repayment, a federal student loan program that provides loan forgiveness and other debt relief to borrowers who the Education Department concludes were misled or defrauded by their school.<\/p>\n

The Education Department estimates that 7,400 students will qualify for federal student loan forgiveness under the initiative. These are students who enrolled at Colorado-based locations of CollegeAmerica between Jan. 1, 2006, and July 1, 2020.<\/p>\n

Those who qualify for student loan forgiveness will receive the relief automatically. \u201cBorrowers will receive this relief regardless of whether they have filed a borrower defense to repayment application,\u201d noted the department.<\/p>\n

New Borrower Defense to Repayment regulations that went into effect on July 1 now make it easier for the Education Department to grant group discharges to similarly-situated borrowers, without necessarily needing to review individual applications. The new rules also broaden the types of school misconduct that can qualify borrowers for student loan forgiveness under the program.<\/p>\n

Latest Wave Of Student Loan Forgiveness By Biden Administration<\/h2>\n

The millions in new federal student loan forgiveness is just the latest wave of student debt relief initiated by the Biden administration.<\/p>\n

\u201cThe Biden-Harris Administration has approved $14.7 billion in relief for 1.1 million borrowers whose colleges took advantage of them or closed abruptly,\u201d said the department. This includes billions in student loan forgiveness for hundreds of thousands of borrowers who attended Corinthian Colleges and ITT Technical Institutes, national for-profit college chains that collapsed several years ago following allegations of widespread fraud and misrepresentations. The Education Department is still working through a backlog of debt relief under the Borrower Defense to Repayment and Closed School Discharge program.<\/p>\n

The school-based debt relief is, in turn, part of broader efforts by the Biden administration to wipe out federal student loan debt. Despite a recent Supreme Court ruling striking down Biden\u2019s signature mass student loan forgiveness plan, the administration has forged ahead with other programs that collectively have provided over $116 billion in student debt relief to an estimated 3.4 million borrowers.<\/p>\n

Earlier this month, the Education Department began notifying over 800,000 borrowers that they qualify for student loan forgiveness under the IDR Account Adjustment, one of the administration\u2019s more significant student debt relief initiatives. More borrowers may receive loan forgiveness under that program in the coming months.<\/p>\n

Further Student Loan Forgiveness Reading<\/strong><\/h2>\n

New Changes Expand Student Loan Forgiveness For Public Service Borrowers<\/p>\n

Your Student Loan Payment Plan Could Get Eliminated \u2014 Here\u2019s Why<\/p>\n

Here\u2019s When Student Loan Payments Resume, And What Borrowers Should Do Now<\/p>\n

4 Big Student Loan Updates When Payments Resume (And They Resume Soon)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Biden administration has announced $130 million in new student loan forgiveness for thousands of borrowers. The announcement comes on the heels of an additional $39 billion in student debt relief the Education Department unveiled earlier this month. The administration approved the relief for students who enrolled at a school that officials accused of making […]<\/p>\n","protected":false},"author":1,"featured_media":40690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-40689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\nBiden Announces Another $130 Million In Student Loan Forgiveness | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Biden administration has announced $130 million in new student loan forgiveness for thousands of borrowers. 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