U.S. to Cancel $6 Billion in Student Loans
This will impact 200,000 defrauded borrowers
The United States will cancel $6 billion in student loans for 200,000 borrowers who claimed they were defrauded by their colleges, according to the Biden administration.
A settlement agreement between the borrowers and the U.S. Department of Education was filed with the U.S. District Court for the Northern District of California on Wednesday and must be approved by a federal judge.
Student debt cancellation has become a priority for many liberals and one that could shore up popularity with younger and more highly-educated voters, who lean Democratic, before November's midterm congressional elections.
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