Edu Dept erases $415M in student debt

What is the Public Service Loan Forgiveness program? The Public Service Loan Forgiveness program began in 2007 as a reward for college students who go into public service but has been criticized for its complex requirements in the past. The Department of Education announced this week it will cancel $415 million in federal student loans by nearly 16,000 borrowers allegedly misled by for-profit colleges. The borrowers, who attended DeVry University, ITT Technical Institute, Westwood College and the Minnesota School of Business/Globe University, will receive the relief through a legal provision known as borrower defense, which allows individuals to discharge some or all of their student loan debt if their school misled them or otherwise engaged in other misconduct.  “The department remains committed to giving borrowers discharges when the evidence shows their college violated the law and standards,” Education Secretary Miguel Cardona said in a statement Wednesday. The department found that between 2008 and 2015, DeVry University, a for-profit university headquartered in Illinois, repeatedly misled students by claiming that 90% of it …

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