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Education Secretary Miguel Cardona. Photo: Joshua Roberts/Getty Images

Students who were defrauded by for-profit colleges will have their federal school loans eliminated, the Education Department announced on Thursday.

Why it matters: The change will eliminate approximately $1 billion in student loan debt for 72,000 borrowers who filed claims, AP reports.

  • Debts of students whose claims were already approved will be erased.
  • The department will also review backlogged cases and re-evaluate cases that were denied.
  • Students who received partial credits from these universities will also be reimbursed for any payments already made on the loans, again be eligible for federal student aid and have any negative ratings resulting from loan repayments removed by credit bureaus.

What they're saying: “A close review of these claims and the associated evidence showed these borrowers have been harmed, and we will grant them a fresh start from their debt,” said Secretary of Education Miguel Cardona, who is pushing to simplify borrower relief.

Driving the news: Former Secretary of Education Betsy DeVos revised the program to tightened debt forgiveness during the Trump administration, Congress tried to overturn the changes last March, but former President Trump vetoed the measure.

Go deeper

11 mins ago - Technology

3D printing's next act: big metal objects

Chief Scientist Andy Bayramian makes modifications to the laser system on Seurat's 3D metal printer. Photo courtesy of Seurat Technologies.

A new metal 3D printing technology could revolutionize the way large industrial products like planes and cars are made, reducing the cost and carbon footprint of mass manufacturing.

Why it matters: 3D printing — also called additive manufacturing — has been used since the 1980s to make small plastic parts and prototypes. Metal printing is newer, and the challenge has been figuring out how to make things like large car parts faster and cheaper than traditional methods.

Rising rates may hammer the stock market

Illustration: Sarah Grillo / Axios

Stocks are much more vulnerable to interest rate swings than they used to be.

Why it matters: A sharp rise in rates in early 2022 is the key reason the stock market is off to an ugly start. And with the Federal Reserve making noise about trying to keep inflation in check, rates could go higher.

Ina Fried, author of Login
56 mins ago - Technology

Microsoft's Activision Blizzard deal complicates Big Tech regulation

Illustration: Megan Robinson/Axios

Microsoft's surprise $68 billion deal to buy Activision Blizzard is adding a fresh twist to the heated debate over which tech companies have monopolies that need to be reined in.

The big picture: The deal could force a question the company has happily ducked for a decade: whether its size and power make it just as deserving of regulatory scrutiny as its Big Tech rivals.