The Biden administration said Tuesday it would forgive $130 million in student loans for borrowers who attended CollegeAmerica in Colorado.
The action affects 7,400 borrowers, whom Biden said"were lied to, ripped off, and saddled with mountains of debt." The Supreme Court struck down Biden's nationwide student loan forgiveness plan in June. Debt payments are slated to resume in October after a pause of more than three years. The White House on Tuesday forgave $130 million in student debt for 7,400 borrowers who attended CollegeAmerica, a now-defunct institution in Colorado that officials said misled borrowers about their loans and career prospects.
These borrowers"were lied to, ripped off and saddled with mountains of debt," President Joe Biden said in aThe action affects students who attended the school's Colorado-based locations between Jan. 1, 2006 and July 1, 2020, the year in which the school closed its campuses, Colorado Attorney General Phil Weiser said. He hadGet San Diego local news, weather forecasts, sports and lifestyle stories to your inbox.