$55.6M Student Loan Debt Cancelled By Biden Administration

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$55.6M Student Loan Debt Cancelled By Biden Administration

Many people were waiting on the final decision of the $55.6 million in student loan debt to be forgiven, and it looks like the Biden administration came through, per thehill.com 

WASHINGTON, DC – JUNE 15: As college students around the country graduate with a massive amount of debt, advocates display a hand-painted sign on the Ellipse in front of The White House to call on President Joe Biden to sign an executive order to cancel student debt on June 15, 2021 in Washington, DC. (Photo by Paul Morigi/Getty Images for We The 45 Million)

Friday a statement was released that the debt of 1,800 borrowers were cancelled. Majority of the borrowers attended Westwood College, Marinello School of Beauty and also the Court Reporting Institute.

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The Schools had many locations all over the U.S, but were accused of misrepresenting the students ability to have credits transferred to other schools from 2002 to 2015. Also misleading students to thinking employment would be given to the students who went through the criminal justice program.

WASHINGTON, DC – JULY 09: U.S. President Joe Biden passes a signing pen to Chairperson of the Federal Trade Commission Lina Khan (2nd L) as (L-R) Secretary of Transportation Pete Buttigieg, Secretary of Health and Human Services Xavier Becerra, and Secretary of Commerce Gina Raimondo look on during an event at the State Dining Room of the White House July 9, 2021 in Washington, DC. President Biden signed an executive order on “promoting competition in the American economy.” (Photo by Alex Wong/Getty Images)

Miguel Cardona the Education Secretary stated the agency will “continue doing its part to review and approve borrower defense claims quickly and fairly so that borrowers receive the relief that they need and deserve.”

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“We also hope these approvals serve as a warning to any institution engaging in similar conduct that this type of misrepresentation is unacceptable,” he shared. 

Sources say that President Biden and the White House is still under pressure to cancel student loan debt, but it seems Biden has been very undecided to do so.

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