Education Department cancels $415 million in student loan debt for victims of fraud

CNN– Some good news for student borrowers. The Education Department announced it canceled another $415 million in student loan debt. It impacts nearly 16,000 borrowers who were misled by for-profit colleges.

It’s the latest effort by the Biden administration to cancel debt for borrowers who may already be eligible for relief but are still waiting for paperwork to be processed. So far, the department has canceled about $2 billion in claims from more than 100,000 borrowers.

More borrowers could see debt relief as the department continues reviewing pending applications.