HomeoverdraftU.S. Department of Education Will Cancel $1B in Student Debt

U.S. Department of Education Will Cancel $1B in Student Debt

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The DOE will grant full relief of related federal student loans, reimburse amounts paid on the loans, request credit bureaus to remove negative reporting associated with the loan, and reinstate federal student aid eligibility for eligible borrowers.

 

This new approach is akin to the borrower’s defense, a legal caveat that protects student borrowers against fraudulent schools and colleges. A department spokesperson confirmed to The Hill that this was frequently used during the Obama Administration, primarily with cases relating to claims of Corinthian College students.

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