Hundreds of former students in Connecticut are getting their educational loans forgiven after the U.S. Dept. of Education announced the cancellation of nearly $3.9 billion in debt.
Federal officials announced Tuesday that all remaining federal student loans for borrowers that attended the ITT Technical Institute from Jan. 2005 through its closure in Sept. 2016.
The decision will result in 208,000 borrowers getting their loans forgiven. In Connecticut, 300 former students will receive $5 million in loan relief, according to Attorney General William Tong.
Anyone eligible for forgiveness will automatically have their loans canceled without any action required.
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According to Tong, the now-nonexistent for-profit school defrauded thousands of people "by encouraging them to enroll and borrow loans based on false and misleading information about the value of an ITT degree and empty promises of high-paying jobs after graduation."
Tong and 24 other attorneys general previously asked the U.S. Dept. of Education to cancel federal student loan debt for ITT Tech students.
"Students enrolled at ITT Tech seeking an education, and left saddled with debt and empty promises,” Tong said. “Secretary Cardona has been an aggressive leader in providing relief to students and holding predatory institutions accountable. I look forward to continuing to work with Secretary Cardona and the Biden Administration to strengthen necessary protections and oversight to ensure this deception can never be repeated.”
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