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You are here News Domestic (USA) $3.9 billion in debt is canceled for former students of ITT Tech

$3.9 billion in debt is canceled for former students of ITT Tech

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ITT Tech erases $3.9b in student debtStudents who used federal loans to attend ITT Technical Institute as far back as 2005 will automatically get that debt canceled after authorities found "widespread and pervasive misrepresentations" at the defunct for-profit college chain, the Biden administration announced Tuesday.

The action will cancel $3.9 billion in federal student debt for 208,000 borrowers, the Education Department said. The debt is being forgiven using a federal rule known as borrower defense, which is meant to protect students from colleges that make false advertising claims or otherwise commit fraud.

"The evidence shows that for years, ITT's leaders intentionally misled students about the quality of their programs in order to profit off federal student loan programs, with no regard for the hardship this would cause," Education Secretary Miguel Cardona said.

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