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Debt forgiven for victims of Colorado CollegeAmerica

VICTIMS | 7,400 students benefited. (Photo/EFE)

BIDEN ADMINISTRATION’S DECISION

Newsroom El Comercio de Colorado

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Around 7,400 students who attended CollegeAmerica between 2006 and 2020 will have their student debt forgiven. By August 2023, each student will receive a notification stating that the balance of their federal loans has been cleared. The debt forgiveness comes as the Department of Education (DOE) found that the educational institution made deceptive promises regarding the benefits and opportunities it offered to students.

The DOE used evidence provided by Colorado’s Attorney General, Phil Weiser. Colorado’s Attorney General had discovered that CollegeAmerica’s parent company, Center for Excellence in Higher Education, provided false information about the salaries and employment rates of its graduates, their programs, and the terms of students’ loans. “CollegeAmerica took advantage of people and preyed on vulnerable individuals,” Weiser asserts.

Forgiveness does not apply to private loans

The DOE canceled federal loans for 7,400 students. However, private loans are not eligible for forgiveness. Students from Corinthian Colleges, ITT Technical Institute, and Westwood College, which are now closed, have also received loan relief. The Biden-Harris Administration has forgiven $14.7 billion in relief for 1.1 million borrowers nationwide whose universities took advantage of them or closed down.

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