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Education Secretary Miguel Cardona speaks in December 2020. Photo: Joshua Roberts/Getty Images

The Biden administration has canceled $55.6 million in student loan debt for victims of a for-profit college fraud, the Department of Education announced Friday.

Why it matters: The Department of Education said it canceled the loan payments for 1,800 borrowers who attended Westwood College, Marinello Schools of Beauty and the Court Reporting Institute.

  • The Biden administration has canceled $1.5 billion in debt for nearly 92,000 borrowers who claim they were defrauded, including students from ITT Technical Institute and Corinthian Colleges. 

The big picture: A majority of the debt, $53 million, will go toward borrowers who attended Westwood College, which closed in 2015. Another $2.2 million from 200 complaints will go toward students from Marinello and $340,000 in debt was forgiven for 18 borrowers from the Court Reporting Institute.

  • The debt is being forgiven under the Borrower Defense to Repayment, a policy that allows students who were defrauded by their college to seek debt relief.

What they're saying: Education Secretary Miguel Cardona said in a statement that the department will “continue doing its part to review and approve borrower defense claims quickly and fairly so that borrowers receive the relief that they need and deserve.”

  • “We also hope these approvals serve as a warning to any institution engaging in similar conduct that this type of misrepresentation is unacceptable,” Cardona said.

Go deeper

Oct 8, 2021 - Politics & Policy

No one likes the debt deal

Senate Minority Leader Mitch McConnell walks though the Capitol on Thursday. Photo: Anna Moneymaker/Getty Images

The leaders of the Senate were happy Thursday with their deal to avoid a debt default. They were about the only ones.

Why it matters: The Band-Aid does nothing to solve the debt ceiling problem long term for Americans. Democrats fear it only kicks the can down the road to a very busy December. Republicans, meanwhile, are mad their party blinked.

Yellen warns debt ceiling breach could trigger recession

Photo: Al Drago/AFP via Getty Images

Treasury Secretary Janet Yellen told CNBC on Tuesday that the U.S. could face a recession if Congress fails to raise the debt ceiling by Oct. 18.

Driving the news: President Biden on Monday urged Republicans to "get out of the way" and let "Democrats vote to raise the debt ceiling this week."

28 mins ago - World

Putin is challenging Ukraine's "right to exist," Blinken says

Blinken (L) speaks in Berlin on Thursday. Photo: Kay Nietfeld - Pool/Getty

Secretary of State Tony Blinken put the stakes of a Russian invasion of Ukraine in stark terms on Thursday, saying Vladimir Putin's threat is a direct challenge to Ukraine's "right to exist" as an independent country and a democracy.

What he's saying: “There’s been a lot of speculation about President Putin’s true intentions, but we don’t actually have to guess. He’s told us, repeatedly. He’s laying the groundwork for an invasion because he doesn’t believe Ukraine is a sovereign nation," Blinken said during a speech in Berlin.