Miguel Cardona, Education Secretary nominee, testifies before Senate Health, Education, Labor and Pensions committee, during his confirmation hearing at Capitol Hill Washington, DC, February 3, 2021.
Thursday's announcement by the U.S. Department of Education was that it would cancel student loans totaling $1.1 billion for 115,000 borrowers.
All who attended ITT Technical Institute (a for-profit school) will be eligible for the relief. It is being accused of misleading students and directing them into expensive private loans. These borrowers did not complete their degrees and quit the school after March 31, 2008.
"Today's action continues to the Department's efforts in improving and using its targeted loan relief authority to deliver meaningful help student borrowers," U.S. Sec. of Education Miguel Cardona said in a statement.
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Under the Biden administration, the Education Department has canceled student loans for 563,000 borrowers. The total amount of $9.5 billion was refunded.
Yet, Democrats, advocates, and borrowers continue to press President Joe Biden to cancel $50,000 of student debt per borrower for everyone.
