[ad_1]
Breaking News E-mails
Receive last minute alerts and special reports. News and stories that matter, broadcast in the morning on weekdays.
By Dennis Romero
The US Department of Education announced Thursday that it would automatically cancel $ 150 million in student loans related to purpose-built colleges closed in recent years. [19659007] This decision inscribed as part of an Obama era policy that a federal judge in October essentially forced the US Secretary of Education, Betsy DeVos, to implement. The story was first reported by Politico.
Loan release automatically applies to approximately 15,000 students who have attended missing colleges that closed between November 1, 2013 and December 4, 2018, according to the department's announcement. 19659007] About half of those affected attended Corinthian Colleges, Inc., a chain that closed on April 27, 2015, the department said. Other students who have attended recently closed campuses or who think they may otherwise be defrauded may still request the cancellation of their loan, the department said.
The office of US Senator Patty Murray, D-Washington, a senior member of the Health, Employment, Education and Retirement Committee, said Mr. DeVos "was still trying to rewrite the underlying rule "that triggered the loan cancellations. the federal government monitors student loans related to for-profit colleges. California and other states have filed lawsuits.
Murray's office reported that more than 100,000 students had lawsuits against the institutions in question.
million. Murray said, "But I'm glad the ministry has finally started to apply this rule and some borrowers who have gone to schools like Corinthian Colleges and ITT Tech are getting their loan cancellation at the end." is not enough. "
Source link
