In early July, the U.S. Education Department under President Joe Biden canceled nearly $56 million in student loan debt for some 1,800 borrowers, bringing the administration’s total to about $1.5 billion erased.
While a win for many borrowers, it isn’t a sign that broad-based student loan debt forgiveness will necessarily come anytime soon, experts say.
That’s because the latest round of canceled debt was specifically done through the “borrower defense to repayment” program. Borrower defense was created to protect people from being defrauded by schools engaging in misconduct or violating certain laws, such as falsely claiming guaranteed employment or incorrectly telling students that credits would transfer to other colleges.
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Read the full article at: https://www.cnbc.com/2021/07/19/student-debt-canceled-billion-biden-only-for-some-borrowers.html
