In a move that will particularly benefit minorities and people of color, recently approved Education Secretary Miguel Cardona has announced reform that would grant nearly $1 billion in total student loan forgiveness for approximately 72,000 Americans in the coming weeks.
According to Adam S. Minsky of Forbes, the newly announced student debt relief “will be provided under the Borrower Defense to Repayment program — a student loan forgiveness program formally established in 2016 by the Obama administration to cancel federal student debt for students who were misled, defrauded or otherwise harmed by predatory colleges and universities.”
Currently, the program is available only to students who attended for-profit institutions.
