Biden cancels $3.9B in student loan debt

Biden cancels $3.9B in student loan debt

FILE - In this May 17, 2018, file photo, new graduates line up before the start of the Bergen Community College commencement at MetLife Stadium in East Rutherford, N.J. A deadline is fast approaching for teachers, librarians, nurses and others who work in public service to apply to have their student loan debt forgiven. New figures from the U.S. Department of Education show 145,000 borrowers have had the remainder of their debt canceled through the Public Service Loan Forgiveness program. (AP Photo/Seth Wenig, File)

WASHINGTON (AP) – Students who used federal loans to attend ITT Technical Institute as far back as 2005 will automatically get that debt canceled. This comes after authorities found “widespread and pervasive misrepresentations” at the defunct for-profit college chain. The Biden administration says the action will cancel $3.9 billion in federal student debt for 208,000 borrowers. It adds to the administration’s list of piecemeal student debt cancellations, but it provided no answers on broader student debt cancellation. President Joe Biden supported debt cancellation as a presidential candidate and for months has been considering erasing up to $10,000 per borrower. He promised a decision by the end of August.

Photo: (AP Photo/Seth Wenig, File)