The Biden administration will cancel $130 million in debt for borrowers who enrolled at CollegeAmerica, Reuters reported.
President Biden and Education Secretary Dr. Miguel Cardona
This cancellation will apply to 7,400 students who enrolled – 2006 through Jul. 1, 2020 – at the institution, which was a private Colorado school that shut down in 2020 after an investigation found widespread misrepresentations about salaries and employment rates of graduates, the Department of Education (ED) said in a statement.
These students "were lied to, ripped off, and saddled with mountains of debt,” President Biden said in a statement.
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