All Consuming - Financial Litigation Insights, Volume 2, Issue 6

Biden Administration to Cancel $1 Billion in Student-Loan Debt Held by Scammed Borrowers -

“Borrowers who requested loan forgiveness but got only partial relief under former Secretary of Education Betsy DeVos will have their debts wiped away.”

Why this is important: Since 2015, there have been numerous federal and state investigations into several for-profit colleges that allegedly defrauded students. The students, who had significant federal and private student loan debt, alleged the schools deceived them about, among other things, the quality of the education, graduation rates, and potential job prospects. Some schools shuttered their doors, including ITT and Corinthian; yet the students were still required to repay thousands of dollars of student loan debt...

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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