{"id":109975,"date":"2021-03-18T23:13:59","date_gmt":"2021-03-18T23:13:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=109975"},"modified":"2021-03-18T23:13:59","modified_gmt":"2021-03-18T23:13:59","slug":"biden-admin-announces-full-relief-for-students-defrauded-by-for-profit-colleges","status":"publish","type":"post","link":"https:\/\/fin2me.com\/politics\/biden-admin-announces-full-relief-for-students-defrauded-by-for-profit-colleges\/","title":{"rendered":"Biden Admin. Announces Full Relief for Students Defrauded by For-Profit Colleges"},"content":{"rendered":"

The Biden administration announced it is rescinding a Trump administration rule that only gave partial relief to borrowers defrauded by for-profit institutions. The decision could affect 72,000 borrowers who received less than complete relief under the Trump-era formula and grant them a combined $1 billion in canceled loans.<\/p>\n

“Borrowers deserve a simplified and fair path to relief when they have been harmed by their institution’s misconduct,” said Secretary of Education Miguel Cardona. “A close review of these claims and the associated evidence showed these borrowers have been harmed, and we will grant them a fresh start from their debt.”<\/p>\n

The department said that in addition to removing the Trump-era formula, it also plans to implement “a streamlined path to receiving full loan discharges.” This move is what the department called a “first step,” as it will grant full relief to individuals approved for loan cancelation under Trump who were only given partial relief.<\/p>\n

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