The Department of Education (DOE), complying with a federal judges ruling,announced a massive victory for students victimized by now-closed for-profit colleges: their loans will be canceled.
Around 15,000 students will have an estimated $150 million in debt erased. The students granted forgiveness are those who were attended for-profit schools that abruptly closed, leaving them with no degree, education debt and worthless credits.
Loans forgiven include federal and Parent PLUS loans. The discharge doesnt cover private student loans or money paid out of pocket by students.
Students who attended these programs cant get their time back, but at least they will no longer be forced to repay student loans they borro…
Read the full article at: https://www.bankrate.com/loans/student-loans/for-profit-college-student-loan-forgiveness/