An Additional $4 Billion has been Erased from Student Loan Debt and other are waiting for their Turn
Currently, under President Biden, nearly $32 Billion has been discharged from the national student debt.
Nearly $4 Billion of student debt has been erased from loan records today by President Biden. Nearly 200,000 former students will see their loan balances clear as they still owe money on their federal student loans from their time at ITT Technical Institute. The relief will come whether the borrower has asked/applied for forgiveness or not.
In 2016, ITT closed its campuses after questioning that has been ongoing for years surrounding its accreditation standards and recruiting processes. At the time, the institution had about 45,000 students across nearly 130 campuses. Some students have already been eligible for forgiveness, but this move applies to all the borrowers who borrowed money from the years 2005 and 2016.
Currently, under President Biden, nearly $32 Billion has been discharged from the national student debt. Many individuals are still worrying however if their student loans will be forgiven or at least payments will remain paused.
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