{"id":21414,"date":"2023-09-22T18:56:17","date_gmt":"2023-09-22T18:56:17","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/22-billion-in-student-loan-forgiveness-with-more-just-approved\/"},"modified":"2023-09-22T18:56:18","modified_gmt":"2023-09-22T18:56:18","slug":"22-billion-in-student-loan-forgiveness-with-more-just-approved","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21414","title":{"rendered":"$22 Billion In Student Loan Forgiveness, With More Just Approved"},"content":{"rendered":"
\n

The Biden administration has so far approved over $22 billion in student loan forgiveness for borrowers who were harmed by school misconduct. And the Education Department just announced a new round of discharges, indicating that relief is ongoing.<\/p>\n

Here\u2019s a breakdown.<\/p>\n

1.3 Million Defrauded Borrowers Receive Billions In Student Loan Forgiveness<\/h2>\n

Nearly 1.3 million borrowers defrauded by their schools have collectively received $22 billion in student loan forgiveness, according to data released by the Education Department last week. Eligible borrowers include those were were \u201ccheated by their schools, saw their schools precipitously close, or are covered by related court settlements,\u201d according to the department\u2019s statement.<\/p>\n

The Biden administration previously had approved group discharges for hundreds of thousands of borrowers who attended now-defunct Corinthian Colleges and ITT Technical Institutes. These were national, for-profit college chains that collapsed after state and federal investigations suggested the schools made widespread misrepresentations to prospective students about admissions selectivity and students\u2019 career and earnings prospects.<\/p>\n

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

The Education Department is also currently implementing $6 billion in student loan forgiveness under a sweeping settlement agreement to resolve Sweet v. Cardona<\/em>, a class action lawsuit alleging that department officials mishandled hundreds of thousands of Borrower Defense to Repayment applications. The Borrower Defense program allows borrowers who were misled or defrauded by their school to request federal student loan forgiveness. Over 100,000 borrowers have been flagged for discharge approval so far, with more coming. Recently, the legal organization representing the Sweet <\/em>class accused a major national loan servicer of potentially violating the settlement agreement.<\/p>\n

Biden Administration Announces Another $37 Million In Student Loan Forgiveness<\/h2>\n

This week, the Biden administration announced a new round of student loan forgiveness for defrauded borrowers.<\/p>\n

Over 1,200 former students of the University of Phoenix will receive $37 million in student loan forgiveness, according to an Education Department announcement. The department, relying on findings from a multi-year investigation by the Federal Trade Commission, accused the school of engaging in widespread misrepresentations about students\u2019 employment prospects and the school\u2019s relationship with employers between 2012 and 2014.<\/p>\n

\u201cThe University of Phoenix brazenly deceived prospective students with false ads to get them to enroll,\u201d said Federal Student Aid Chief Operating Officer Richard Cordray in a statement on Wednesday. \u201cStudents who trusted the school and wanted to better their lives through education ended up with mounds of debt and useless degrees. Today\u2019s announcement builds on the FTC\u2019s work to provide relief to those affected by Phoenix\u2019s misconduct and delivers on the Biden-Harris Administration\u2019s mission to support student loan borrowers.\u201d<\/p>\n

Qualifying borrowers must have \u201cenrolled at the University of Phoenix between Sept. 21, 2012, and Dec. 31, 2014, and applied for relief\u201d under the Borrower Defense to Repayment program, according to the department statement.<\/p>\n

\u201cThe Department will notify affected borrowers by early October that their applications have been approved,\u201d says the department. \u201cThese borrowers will see any remaining loan balances zeroed out and credit trade lines deleted. Any payments they made to the Department on their related Federal student loans will be refunded.\u201d<\/p>\n

Education Department Encourages Defrauded Borrowers To Apply For Student Loan Forgiveness<\/h2>\n

The Education Department has encouraged borrowers who have been misled or defrauded by their school to apply for student loan forgiveness through the Borrower Defense program.<\/p>\n

\u201cBorrowers who may qualify for relief because they have been affected by this finding can visit StudentAid.gov\/borrower-defense to learn how to apply for borrower defense,\u201d said the department in its statement on Wednesday. The Biden administration recently issued detailed guidance for borrowers designed to help strengthen Borrower Defense applications and increase the chances of being approved for student loan forgiveness.<\/p>\n

The administration also enacted new Borrower Defense regulations in July. The new rules broaden the definition of school misconduct that can be the basis for Borrower Defense relief, and they make it easier for the Secretary of Education to approve group discharges. However, the new regulations were blocked by a federal appeals court earlier this summer, leaving their future in doubt.<\/p>\n

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

260,000 Approved For Student Loan Forgiveness Under Settlement, But Some Face Hurdles<\/p>\n

$10 Billion In Student Loan Forgiveness Approved Under Overhaul For Borrowers With Medical Issues<\/p>\n

Student Loan Forgiveness Proceeds And Payments \u2018Cut In Half,\u2019 But System Buckles<\/p>\n

6 Student Loan Forgiveness And Repayment Updates As Interest Starts Accruing<\/p>\n<\/div>\n

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

The Biden administration has so far approved over $22 billion in student loan forgiveness for borrowers who were harmed by school misconduct. And the Education Department just announced a new round of discharges, indicating that relief is ongoing. Here\u2019s a breakdown. 1.3 Million Defrauded Borrowers Receive Billions In Student Loan Forgiveness Nearly 1.3 million borrowers<\/p>\n","protected":false},"author":1,"featured_media":21415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[],"class_list":{"0":"post-21414","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance"},"yoast_head":"\n$22 Billion In Student Loan Forgiveness, With More Just Approved | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"The Biden administration has so far approved over $22 billion in student loan forgiveness for borrowers who were harmed by school misconduct. 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