The Biden administration has announced a significant move to cancel student loan debt for former students of ITT Tech. This decision comes after a determination that the now-defunct for-profit college engaged in widespread misconduct and actively misled its student population.
The scope of this debt cancellation is substantial, set to impact approximately 208,000 borrowers who attended ITT Tech. This action represents a major step in addressing the financial burdens faced by individuals who were students at the institution. The total amount of student loan debt that will be discharged as a result of this decision is approximately $1.5 billion. This move underscores the administration’s commitment to providing relief to borrowers who were victims of predatory practices within the for-profit education sector.