The Education Department Is Canceling $150 Million Of Student Loan Debt
The money goes back to borrowers whose colleges shut down, in many cases because of fraud and mismanagement.
by Anya Kamenetz
Dec 14, 2018
1 minute
The U.S. Department of Education is sending emails to about 15,000 people across the country telling them: You've got money.
These are former students — and some parents of students — who took out loans for colleges that shut down. They will get their money back or have their debt forgiven — an amount estimated at $150 million, all told — under a provision called Automatic Closed School Discharge.
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