- Jun 12, 2014
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Founding Member
That's the thing. The article says they did not finish their degrees.
I did find a little more info in a forbes article:
The student loan cancellation initiative will be implemented through the Closed-School Discharge program for students who attended ITT Technical Institutes. ITT, a national chain of for-profit schools, abruptly shut down in 2016 following investigations into potential widespread wrongdoing. The closed-school discharge program allows borrowers to get their applicable federal student loans forgiven if they are unable to complete their degree program due to a school closure.
According to a Department of Education press release, the administration’s action today “extends relief to borrowers whose attendance at ITT overlapped with a period during which the institution engaged in widespread misrepresentations about the true state of its financial health and misled students into taking out unaffordable private loans that were allegedly portrayed as grant aid.”
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this new relief only applies to borrowers who were unable to complete their degree due to ITT’s closure, and did not complete their degree elsewhere. It does not apply to borrowers whose school closed after receiving their degree. Only federal student loans qualify, not private loans.