White House launches new student loan webpage for borrowers misled by for-profit schools
(CNN) - The Biden administration launched a new webpage this week, with clearer instructions for people applying for a specific type of student loan forgiveness.
It’s called borrower defense to repayment, and it’s for students who took out loans for a school that misled or lied to them.
For example, the college may have inflated its job placement numbers.
Many of these students went to for-profit colleges like Corinthian Colleges, ITT Technical Institute, and Marinello Schools of Beauty.
Until now, the process to loan forgiveness wasn’t clearly established. But the new website has comprehensive information about how to apply.
Since Biden took office, more than 1 million borrowers have had $14.5 billion canceled under the program.
Biden’s separate plan, to cancel up to $20,000 dollars in student debt, is held up in the courts.
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