Subscribe to Receive the Daily Report

Tuesday, June 28th, 2022

Education Department agrees to cancel $6 billion in debt for some 200,000 student loan borrowers

Author:     Annie Nova
Source:     CNBC
Publication Date:     JUN 23 2022 | 12:19 PM EDT
 Link: Education Department agrees to cancel $6 billion in debt for some 200,000 student loan borrowers
Stephan:   Here is some good news. Not the final chapter, of this trend, but still good news. The college education debt in this country is obscene, just another way to milk students of limited means for the profit of the oligarchs and the corporations they control. It's disgusting. It fosters the wellbeing of a society to let students seek education to the highest level to which they can qualify. That's how the doctors, physicists, biologist, and engineers are created that keep a nation on the cutting edge. Those who control social policy haven't learned that yet because they have other priorities that blind them to this truth.
U.S. Secretary of Education Miguel Cardona
The Washington Post / The Washington Post / Getty
  • The U.S. Department of Education has agreed to cancel the student loans of around 200,000 people who had brought a class-action lawsuit against it.
  • The former students claimed they were stuck with federal debts by schools that had been found to engage in misconduct.

Under the terms of the Sweet v. Cardona settlement, the Education Department will immediately approve around $6 billion in debt forgiveness. The 200,000 borrowers eligible for the relief will get full cancellation of their debt, refunds of amounts paid and repair to their credit.

The U.S. Department of Education has agreed to cancel the student loans of around 200,000 people who brought a class-action lawsuit against the government, claiming they were stuck with federal debts from schools that were found to have misled them.

The plaintiffs brought their lawsuit against the Trump administration in 2019, representing around 264,000 class members who said their applications for loan cancellation were being ignored by the Education Department. The suit name was later changed […]

Read the Full Article