Trump Administration Forced to Forgive $150M in Student Loans
December 27, 2018
After a more than year-long delay, the U.S. Department of Education will cancel $150 million in debt owed by defrauded students, the agency announced Dec. 13. Under borrower protection regulation established under President Barack Obama in 2016, former students or parents of students who took loans for colleges that closed between Nov. 1, 2013, and Dec. 4, 2018 would receive debt forgiveness or receive reimbursement. The provision, known as the Automatic Closed School Discharge, was part of the Obama administration’s hemming in of for-profit colleges, such as ITT Tech and Corinthian Colleges. Almost half of the 15,000 persons eligible for