Student Loan Forgiveness for 16,000 Students Approved: Who Qualifies?

Borrower defense claims totaling $415 million have been authorized by the US Department of Education for students who were deceived into taking out student loans by their institutions. They will not be required to repay loans made using taxpayer funds as a result of the announcement. The loans of 16,000 former students will be forgiven.

DeVry University, Westwood College, ITT Technical Institute, Minnesota School of Business/Globe University, Corinthian Colleges, and Marinello Schools of Beauty were among the students who would have their loans erased, according to WPXI.

Here's Who Qualifies For Student Loan Forgiveness

The department is also working to identify previously refused cases but might be reconsidered and granted with this new information. The following is what the DOE had to say about the schools:

DeVry University - With the newest round of debt forgiveness, the government has authorized nearly $2 billion in loan forgiveness for over 107,000 borrowers.
Westwood College - According to the Department of Education, Westwood College fraudulently stated over 13 years that its graduates had job placement rates of 80% or higher and that graduates will earn $50,000 or more. A total of $53.1 million will be forgiven to the school's 1,600 debtors.
ITT Technical Institute -According to the DOE, over 130 students from ITT Technical Institute will have $3.1 million in debt canceled. The department discovered that the institution misled students about its nursing program's ability to get programmatic accreditation.
Minnesota School of Business/Globe University - Students in the criminal justice programs were misled by the institution when they were told that they might become Minnesota police officers or parole officials after graduation. For 270 kids, the Education Department granted $3 million in discharges.
Corinthian Colleges, Marinello Schools of Beauty - More than 11,900 Corinthian Colleges and Marinello Schools of Beauty students will get $284.5 million in refunds.

As stated in the Department of Education, the latest step raises the total amount of debt alleviated by the Biden administration under borrower defense to repayment to $2 billion for over 107,000 borrowers.

The actual job placement percentage, according to the Department of Education, was roughly 58 percent. The Federal Trade Commission (FTC) sued DeVry in 2016 for job placement advertising. The Federal Trade Commission and the Department of Education eventually reached an agreement with the institution, as per Business Insider.

How to Apply For Student Loan Forgiveness?

To be eligible for student debt forgiveness, you must be able to demonstrate that your institution cheated you. A school that provides incorrect information regarding college expenses or accreditation is one example of this.

Borrowers who feel they may be eligible for relief will be contacted in the coming weeks, according to Forbes, but those who have not been contacted can still apply.

The Department of Education has developed a website for debtors to seek information on student loan forgiveness. You can also apply on the website of the United States Department of Education.

You can also get an application form by contacting the loan servicer or phoning the Federal Student Aid Information Center at 1-800-4-FED-AID, which is run by the US Department of Education (1-800-433-3243). To apply for student loan forgiveness, there is no cost.