Tag Archives: discharges

The Education Department (ED) is discharging $1.1 billion for 115,000 defrauded former students of the for-profit ITT Technical Institute (ITT) after a new review of existing regulations. ITT Technical Institute filed for bankruptcy in 2016 and shut down all campuses, affecting 149 locations and roughly 40,000 students, amid lawsuits and investigations over alleged predatory lending practices. “For years, ITT hid its true financial state from borrowers while luring many of them into taking… Source link

The Education Department (ED) is discharging $500 million in student loan debt held by 18,000 borrowers who had been defrauded by now-defunct for-profit chain ITT Tech, a sign that the Biden administration is working to address the borrower defense backlog.  “Our action today will give thousands of borrowers a fresh start and the relief they deserve after ITT repeatedly lied to them,” Education Secretary Miguel Cardona said in a statement. “Today’s action is part of the Biden-Harris… Source link