US To Erase $1 Billion In Debt For Students Scammed By For-Profit Colleges
WASHINGTON, D.C. (CBSNEWS.COM) — Tens of thousands of U.S. student loan borrowers defrauded by for-profit colleges are getting debt relief.
The U.S. Department of Education is cancelling $1 billion in debt held by about 72,000 student borrowers misled by institutions including the now-defunct Corinthian Colleges and ITT Technical Institute.
The stance, which took effect March 18, represents an about-face from a process touted by former Education Secretary Betsy DeVos that offered only partial student loan forgiveness to those defrauded by private, for-profit colleges.
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