The Biden administration announed last Tuesday that the new Student Debt Forgiveness Programs will cancel $130 million in federal debt of more than 7,000 students who went to a Colorado college.
Student Debt Forgiveness Programs: It’s not the first time the administration implemented it
President Biden said that these borrowers must avail themselves of the Student Debt Forgiveness Programs because they were lied to and burdened with their debt.
The Student Debt Forgiveness Programs will cancel federal loans for people whom the government believes were misinformed or deceived by for-profit colleges: The Department of Education has forgiven $14.7 billion in such debt through Student Debt Forgiveness Programs and forgiven nearly 1.1 million borrowers.
Last Tuesday, President Biden said it was canceling $130 million in federal student debt for 7,400 student borrowers through Student Debt Forgiveness Programs who went to a Colorado college.
Student Debt Forgiveness Programs: Covers Colorado student borrowers who attended College America between 2006 and July 1, 2020
The Student Debt Forgiveness Programs relief actions are for people who participated in the income-driven reimbursement loan plans or the Public Service Loan Forgiveness program, both of which the Department of Education has recognized.
The Student Debt Forgiveness Programs will be intended for student borrowers who attended College America at three locations in Colorado and shut down in 2021.
People will be notified starting in August if they are approved for cancellation of their debt related to College America through Student Debt Forgiveness Programs.
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