Biden Cancels $1 Billion in Student Loans
by Angela Morabito | Campus Reform
Scoop Publisher Francesco Abbruzzino
The Biden administration has announced that it will nationalize an estimated $1 billion in student debt without action by Congress or President Joe Biden by using a little-understood program called Borrower Defense to Repayment.
This price tag applies only to the claims already adjudicated, many of which were found to be entitled to partial relief. Those borrowers who previously received partial relief will now have the rest of their loans canceled, and they may receive refunds for any student loan payments they have already made.
Borrower Defense to Repayment, commonly called Borrower Defense, was created at the tail end of the Obama administration ostensibly to protect borrowers from schools that misrepresented themselves to potential students, perhaps about their future earnings, odds of passing a licensing exam, where their credits may transfer, or their post-graduation job prospects. The program allowed borrowers who were lied to by their schools to file a Borrower Defense claim that may entitle them to student debt relief.
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