Joe Biden Announces $130M Student Debt Forgiveness Plan-World-Wire

The Biden administration will automatically cancel $130 million in federal student loan debt held by 7,400 former students of the defunct for-profit chain CollegeAmerica, the Education Department said Tuesday.

The decision covers people who were enrolled in the Colorado locations of CollegeAmerica, a chain of career schools, between Jan. 1, 2006, and July 1, 2020. Former students are not required to submit an application and will receive refunds of payments made on their federal loans unless they are commercially held. Borrowers will receive notification in August from the Education Department of the pending discharge. CollegeAmerica closed in 2021.

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