While it may not be a national student-debt relief 200,000 people woke up debt-free in the student loans category. Most recently President Joe Biden and his Administration announced the cancelation if $3.9 Billion for students that attended ITT Technical Institution after January 2005. ITT, which used to be one of the country’s largest operators of for-profit technical schools, shut down in 2016 after the Education Department banned it from enrolling new students who use federal financial aid.
According to CNBC News, “The remaining debt is being canceled through a program called bower defense, which allows student debt to be erased if a school misrepresents or lies about its educational degrees.” “It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” Education Secretary Miguel Cardona said.
Well Joe We Did It, for ITT Tech. President Biden is set to make his final decision on cancelling the national student loan debt at the end of August 2022. Canceling the debt would cancel more than 40 million peoples account in full if completed canceled.