Education Department will cancel student debt for 115,000 borrowers

The U.S. Department of Education announced Thursday it will cancel $1.1 billion in student debt for 115,000 borrowers.

The relief will go to those who attended ITT Technical Institute, a for-profit school that is now defunct. The school is accused of misrepresenting itself and steering students into pricey private loans. These borrowers didn’t finish their degrees and left the school after March 31, 2008.

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