Wall Street

Biden administration forgives $3.9 billion in student loans at ITT Technical Institute

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New York Daily News

The Department of Education announced Tuesday that it was putting forward another round of loan cancellations for former students of a closed for-profit college. The department is forgiving $3.9 billion for 208,000 students who attended ITT Technical Institute between Jan. 1, 2005 until it closed in September 2016. When the school closed, it was being investigated both federally and in a number of states for allegations of defrauding its students. “It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” Secretary of Education Miguel Cardona…

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