{"id":1609449,"date":"2022-08-16T18:17:33","date_gmt":"2022-08-16T22:17:33","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1609449"},"modified":"2022-08-16T18:17:43","modified_gmt":"2022-08-16T22:17:43","slug":"biden-administration-cancels-4-billion-in-itt-tech-student-loans","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-administration-cancels-4-billion-in-itt-tech-student-loans\/","title":{"rendered":"Biden Administration Cancels $4 Billion In ITT Tech Student Loans"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-administration-cancels-4-billion-in-itt-tech-student-loans%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1609449&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The U.S. <a href=\"https:\/\/www.dailywire.com\/search\/news?query=Department%20of%20Education&#038;page=1&#038;refinementList%5Btaxonomies.post_tag%5D%5B0%5D=Department%20of%20Education\">Department of Education<\/a> announced Tuesday that it would cancel about $4 billion in the remaining 208,000 federal student loans for borrowers who attended ITT Technical Institute from 2005 until the for-profit college chain dissolved in 2016.<\/p>\n<p>Officials said the debt forgiveness comes after the department reviewed extensive internal records, testimony from ITT managers and recruiters, and first-hand accounts from borrowers allegedly defrauded by the quality of the institute\u2019s programs.<\/p>\n<p>\u201cIt is time for student borrowers to stop shouldering the burden from ITT\u2019s years of lies and false promises,\u201d U.S. Secretary of Education Miguel Cardona said in a\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.ed.gov\/news\/press-releases\/education-department-approves-39-billion-group-discharge-208000-borrowers-who-attended-itt-technical-institute\" target=\"_blank\" rel=\"noopener\">statement<\/a>. \u201cThe evidence shows that for years, ITT\u2019s leaders intentionally misled students about the quality of their programs in order to profit off federal student loan programs, with no regard for the hardship this would cause.<\/p>\n<p>After about 50 years of service, ITT Tech came under fire in 2004 after allegations of fraud, deceptive marketing, predatory lending that left students bogged down by massive debt, and \u201cwidespread and pervasive misrepresentations related to the ability of students to get a job or transfer credits,\u201d officials said.<\/p>\n<p>The Department of Education also announced Tuesday that officials formally notified DeVry University to pay back $24 million of approved borrower defense claims. The borrower defense program discharges some or all of federal student loan debt for students who attended schools that misled or engaged in other misconduct.<\/p>\n<p>Recoupment efforts of the millions of dollars of debt come after an announcement earlier this year that found DeVry repeatedly misled prospective students across the country from 2008 through 2015.<\/p>\n<p>\u201cDeVry claimed that 90 percent of its graduates who actively seek employment obtained jobs in their field of study within six months of graduation,\u201d the department said in a press release. \u201cIn fact, the institution\u2019s actual job placement rate was around 58 percent.\u201d<\/p>\n<p>The Department\u2019s Office of Hearings and Appeals said that DeVry has 20 days to submit an appeal as to why they are not responsible for repayment.<\/p>\n<p>\u201cWe are in receipt of the notice from the Department and are reviewing it,\u201d Hessy Fernandez, DeVry\u2019s public relations director, said according to\u00a0<a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2022\/08\/16\/business\/itt-devry-student-loans.html?smid=tw-nytimes&#038;smtyp=cur\" target=\"_blank\" rel=\"noopener\">The New York Times<\/a>. \u201cWe continue to believe the department mischaracterizes DeVry\u2019s calculation and disclosure of graduate outcomes in certain advertising, and we do not agree with the conclusions they have reached.\u201d<\/p>\n<p>Richard Cordray, the chief operating officer of the Education Department\u2019s Federal Student Aid office, stressed to The New York Times the importance for individual officials and leaders of such schools to take responsibility for the institution\u2019s failures.<\/p>\n<p>\u201cThat is not how things worked in the past, and it\u2019s one of the improvements we\u2019re trying to make,\u201d Cordray said.<\/p>\n<p>The actions from the department come as President Biden must choose by next month whether or not to extend the federal student loan payment pause, which initially began at the beginning of the pandemic nearly two and half years ago, The New York Times reports.<\/p>\n<p>Biden once pledged while on the campaign trail during the 2020 presidential election to forgive $10,000 in student loan debt per borrower. However, since taking office, the administration has dismissed $32 billion in loans or public service workers, permanently disabled borrowers, defrauded students, and people whose schools abruptly closed while enrolled, per The New York Times.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Department of Education announced Tuesday that it would cancel about $4 billion in the remaining 208,000 federal student loans for borrowers who attended ITT Technical Institute from 2005 until the for-profit college chain dissolved in 2016. Officials said the debt forgiveness comes after the department reviewed extensive internal records, testimony from ITT managers &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1609536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1609449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1609449","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1609449"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1609449\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1609536"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1609449"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1609449"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1609449"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}