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Biden cancels $500 million in student debt for victims of for-profit school fraud Katie Lobosco, CNN Share This (CNN) The Department of Education is canceling $500 million in student loan debt for 18,000 former ITT Tech students defrauded by the now defunct for-profit college, another step the Biden administration is taking to address a backlog of more than 100,000 forgiveness claims left over from the Trump administration. ITT Tech, which shut down in 2017 after the government pulled its federal funding, misled students about how much they could expect to earn after graduating and about the ability to transfer credits, the Department of Education said Wednesday.

United statesMorgan marlerMiguel cardonaAlex elsonElizabeth warrenBetsy devosDepartment of educationSenate majority leader chuck schumerHarvard legal services centerDemocratic partyBiden administrationEducation secretary betsy devosBorrower defenseEducation secretary miguelLegal services centerPredatory student lending