Biden Admin to Cancel $6 Billion in Student Loans for 200,000 Defrauded Borrowers

Biden Admin to Cancel $6 Billion in Student Loans for 200,000 Defrauded Borrowers
President Joe Biden in the Roosevelt Room of the White House in Washington on June 23, 2022. Drew Angerer/Getty Images
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Some 200,000 students who claim they were defrauded by educational institutions in the United States are set to have their student loans canceled after the Biden administration this week settled a $6 billion class-action lawsuit.

The settlement was filed (pdf) with the U.S. District Court for the Northern District of California on Wednesday.