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Chantilly, VA September 6: ITT Technical Institute’s Chantilly campus is closed and empty on Tuesday September 6, 2016 in Chantilly, VA.
The Washington Post The Washington Post Getty Images
The US Department of Education It announced that it will completely cancel the remaining federal student loans taken out by fraudulent borrowers at ITT Technical Institute since 2005 and provide $3.9 billion in relief to about 208,000 people.
ITT Education Services, once one of the largest operators of technical schools in the US, closed in 2016. Borrowers do not have to apply for relief, the Education Department said.
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In a statement, U.S. Secretary of Education Miguel Cardona said, “The evidence shows that ITT leaders intentionally misled students about the quality of their programs in order to profit from federal student loan programs.” press release.
Cardona added, “The Biden-Harris administration will continue to stand up to borrowers defrauded by their colleges, and is working to strengthen oversight and enforcement to protect today’s students from similar deception and abuse.”
So far, the Biden-Harris administration has approved nearly $32 billion in student loan cancellations for 1.6 million borrowers.
The White House is currently under intense pressure to cancel student debt for all borrowers, and President Joe Biden has promised to make a decision on how to proceed by the end of the month.
This is a developing story. Please check back for updates.
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