On Tuesday, the Department of Education revealed that it was canceling $3.9 billion in student loan debt for attendees of ITT Technical Institute. This now-defunct college allegedly defrauded its students.
Education Secretary Miguel Cardona said, “It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises.” He said, “The evidence shows that for years, ITT’s leaders intentionally misled students about the quality of their programs to profit off federal student loan programs, with no regard for the hardship this would cause.”
The department noted that the cancellation would be automatic, meaning ITT Tech students will not need to apply to have their debt canceled.
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