(MARKETWATCH) – Borrowers who were scammed by their schools but who only received partial relief from their student-loan debt under the Betsy DeVos-era Department of Education will have their loans fully discharged — a move that will result in an estimated $1 billion in debt relief, the DOE announced Thursday.
These 72,000 borrowers have already had their claims for debt relief approved under the borrower defense process, which allows borrowers who attended schools that were found to have misled them to have their federal student loans discharged.
In 2019, the Trump administration implemented a rule that used earnings data to determine how much harm a borrower experienced and therefore how much relief they were entitled to.
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