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AP National Business

Loan forgiveness offered to more former ITT Tech students

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KMIZ

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Published 10:46 AM

By COLLIN BINKLEY
AP Education Writer

The Education Department has announced it will forgive student debt for more than 100,000 borrowers who attended colleges in the now-defunct ITT Technical Institute chain but left before graduating. The agency says it will erase federal loans for borrowers who left the for-profit colleges during an eight-year window before their 2016 closure. The department says ITT Tech lied about its financial health during that period. The action will offer $1.1 billion in loan forgiveness to 115,000 borrowers who attended ITT Tech. The company shut down in 2016 after being dealt a series of sanctions by the Obama administration. ITT Tech had more than 130 campuses across 38 states.

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