The U.S. Department of Education announced Thursday it would automatically cancel $150 million in student loans connected to for-profit colleges that closed in recent years.
The move was made under an Obama-era policy that a federal judge in October essentially forced U.S. Secretary of Education Betsy DeVos to implement. The story was first reported by Politico.
The discharge of loans applies automatically to about 15,000 students who attended now-defunct colleges that closed between Nov. 1, 2013, and Dec. 4, 2018, according to the department’s announcement.
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