Biden forgives $130 million in debt for students who were 'ripped off' by Colorado colleges.

On Tuesday, the Biden administration announced the cancellation of $130 million in federal debt for 7,400 students who attended a Colorado college that the government claims lied about its success.

"These borrowers were lied to, ripped off, and saddled with mountains of debt," stated President Joe Biden in a statement.

It's not the first time the administration has invalidated federal loans for people it believes were duped or short-changed by for-profit colleges: So far,

the Department of Education has forgiven $14.7 billion in such debt, affecting almost 1.1 million borrowers, including those who attended the now-defunct Corinthian Colleges and ITT Technical Institute.

The debt forgiveness announced on Tuesday will be automatic and will apply to Colorado CollegeAmerica students who enrolled between 2006 and July 1, 2020.

The endeavor also follows debt relief steps for persons who participated in programs such as Public Service Loan Forgiveness and income-driven repayment

loan plans, both of which, according to the Department of Education, were not operating as intended for borrowers.

According to the Department of Education, CollegeAmerica operated three campuses in Colorado until closing down completely in 2021 following a successful lawsuit brought by the state.


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