450,000 defrauded student loan borrowers are eligible for debt forgiveness — here's who qualifies
Hundreds of thousands of student loan borrowers are eligible for debt cancellation under a $23 billion class-action settlement against the federal government.
Reported by 1 outlet — CNBC Top News. See all sources ↓
The government agreed to a $23 billion settlement with student loan borrowers. About 450,000 borrowers who were misled by their schools can have their loans cancelled. These borrowers attended colleges that gave false information about job prospects or costs. The forgiveness will be applied automatically to those who qualify.
Why it matters
This relief can reduce monthly payments for hundreds of thousands of people, helping them save money. It also shows how the government is addressing claims of fraud in the student loan system.
- Who can get the debt forgiveness?
- Borrowers who were defrauded by their schools and are part of the settlement.
- How much money is involved in the settlement?
- The settlement totals $23 billion.
- Will borrowers need to apply for forgiveness?
- No, the forgiveness will be given automatically to those who qualify.
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450,000 defrauded student loan borrowers are eligible for debt forgiveness — here's who qualifies
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