Biden administration cancels $3.9 billion in ITT Tech student debt
WASHINGTON — The Biden administration announced Tuesday it will cancel the remaining federal student loan debt for borrowers who attended ITT Technical Institute after finding that the for-profit college misled students. The move will automatically cancel $3.9 billion in loans for 208,000 students who attended ITT dating back to 2005, the Education Department said in a statement. “It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” said Secretary of Education Miguel Cardona. “The evidence shows that for years, ITT’s leaders intentionally misled students about the quality of their programs in order to profit off federal student loan programs, with no regard for the hardship this would cause.” The Education Department said the Biden administration has now canceled $32 billion in loans for students “whose institutions took advantage of them,” as well as for public service workers and disabled students. Biden’s promise for student ...