{"id":331876,"date":"2021-08-27T18:03:14","date_gmt":"2021-08-27T15:03:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/education-department-to-cancel-1-1b-of-debt-for-itt-tech-students\/"},"modified":"2021-08-27T18:03:14","modified_gmt":"2021-08-27T15:03:14","slug":"education-department-to-cancel-1-1b-of-debt-for-itt-tech-students","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/education-department-to-cancel-1-1b-of-debt-for-itt-tech-students\/","title":{"rendered":"#Education Department to cancel $1.1B of debt for ITT Tech students"},"content":{"rendered":"<p>&#8220;<strong>#Education Department to cancel $1.1B of debt for ITT Tech students<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The US Department of Education\u00a0is canceling more than $1.1 billion in student debt for 115,000 borrowers who attended the now-defunct ITT Technical Institute, once one of the nation\u2019s largest for-profit college chains by revenue.<\/p>\n<p>The Education Department announced Thursday that the move is based on \u201ca new review of the problems leading up to ITT\u2019s closure.\u201d<\/p>\n<p>The former students who are eligible for the debt forgiveness didn\u2019t finish their degrees and left the school on or after March 31, 2008, which is \u201cwhen the company\u2019s executives publicly disclosed the start of a financial scheme that kicked off a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of misrepresentations to hide the true nature of the school\u2019s finances following a public loss of outside financing,\u201d The DoE said. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-06.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Education Secretary Miguel Cardona\" class=\"wp-image-19265924\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-06.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-06.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-06.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>The Education Department \u2014 led by Miguel Cardona \u2014 has now canceled $9.5B in student debt in 2021.<\/figcaption><figcaption><span class=\"credit\">SUSAN WALSH\/POOL\/AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The Department estimates that 43 percent of the borrowers are now in default.\u00a0<\/p>\n<p>\u201cFor years, ITT hid its true financial state from borrowers while luring many of them into taking out private loans with misleading and unaffordable terms that may have caused borrowers to leave school,\u201d Secretary of Education Miguel Cardona said in a statement.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>ITT Tech filed for bankruptcy and\u00a0shut down in 2016, after the government barred it from enrolling new students who were on federal aid.<\/p>\n<p>\u201cToday\u2019s action continues the Department\u2019s efforts to improve and use its targeted loan relief authorities to deliver meaningful help to student borrowers,\u201d Cardona added.<\/p>\n<p>\u201cAt the same time, the continued cost of addressing the wrongdoing of ITT and other predatory institutions yet again highlights the need for stronger and faster accountability throughout the federal financial aid system.\u201d<\/p>\n<p>The Education Department has now canceled $9.5 billion in student debt this year for over 563,000 borrowers.<\/p>\n<p>Despite President Joe Biden\u2019s moves to cancel student debt, he faces pressure from more liberal Democrats who would like to see broader action to eliminate student debt across the board. <\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-05.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"ITT Tech filed for bankruptcy and closed in 2016.\" class=\"wp-image-19265979\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-05.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-05.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-05.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>ITT Tech filed for bankruptcy and closed in 2016.<\/figcaption><figcaption><span class=\"credit\">AP\/Rich Pedroncelli<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"683\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-02.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Demonstrators with hand-painted signs sit in front of The White House to call on President Joe Biden to sign an executive order to cancel student debt.\" class=\"wp-image-19266084\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-02.jpg?quality=90&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-02.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-02.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Demonstrators with hand-painted signs sit in front of The White House to call on President Joe Biden to sign an executive order to cancel student debt.<\/figcaption><figcaption><span class=\"credit\">Paul Morigi\/Getty Images for We The 45 Million<\/span><\/figcaption><\/figure>\n<p>Biden has asked the Education Department and the Department of Justice to review his authority to take executive action on the matter.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/08\/27\/education-department-to-cancel-1-1b-of-debt-for-itt-tech-students\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Education Department to cancel $1.1B of debt for ITT Tech students&#8221; The US Department of Education\u00a0is canceling more than $1.1 billion in student debt for 115,000 borrowers who attended the now-defunct ITT Technical Institute, once one of the nation\u2019s largest for-profit college chains by revenue. The Education Department announced Thursday that the move is based&#8230;<\/p>\n","protected":false},"author":1,"featured_media":331877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/08\/student-loan-ITT-techincal-department-of-education-01.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[114987,71442,72134,70643,47020],"class_list":["post-331876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-8-27-21","tag-colleges","tag-debt","tag-department-of-education","tag-students"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/331876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=331876"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/331876\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/331877"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=331876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=331876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=331876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}