Dept. of Education to Cancel $150 Million in Student Loan Debt [VIDEO]
Of course, Betsy DeVos is taking all the credit ...
The Department of Education has announced it is canceling $150 million in student debt for students who attended for-profit colleges that have closed in recent years.
The ruling affects approximately 15,000 people including some who attended now-defunct colleges like Corinthian Colleges and ITT Technical Institute. ITT Tech announced that it was ceasing operation at all of its campuses including its Swartz Creek location in September of 2016.
US Secretary of Education Betsy DeVos actually opposed the move.
NBC News reports DeVos "canceled memos published by the Department of Education under President Barack Obama that imposed tougher rules on how the federal government oversees student loan debt connected to for-profit colleges."
DeVos was overruled by a federal charge who essentially ordered the Department of Education to discharge the loans under a policy instituted during President Obama's tenure as President.
Time will tell if more borrowers' loans will be forgiven.