HOW TO APPLY FOR STUDENT LOAN FORGIVENESS

The U.S. Department of Education announced plans to cancel $415 million in student debt as part of the student loan forgiveness program, for borrowers defrauded by their schools, Forbes reports.

Under US Education Secretary Miguel Cardona, it’s estimated that about $2 billion in borrower defense claims have been canceled.

We break down how to apply for student loan forgiveness.

DEPARTMENT OF EDUCATION REVEALS STUDENT DEBT PLANS

As part of the federal loan discharge program Borrower Defense to Repayment, the Department of Education recently revealed plans to cancel $415 million student loan debt.

According to CNN, the $415 million is owed from nearly 16,000 borrowers who were misled by for-profit colleges.

Under US Education Secretary Miguel Cardona issued a statement on the matter, reading: “The Department remains committed to giving borrowers discharges when the evidence shows their college violated the law and standards.

“Students count on their colleges to be truthful. Unfortunately, today’s findings show too many instances in which students were misled into loans at institutions or programs that could not deliver what they’d promised.”

HOW TO APPLY FOR STUDENT LOAN FORGIVENESS

To apply for student loan forgiveness, you must be able to prove that you were defrauded by your school. Examples of this include a school providing false information about college costs or accreditation.

As per Forbes, borrowers who believe they may qualify for relief should be contacted in the coming weeks, but those who have not been contacted can still apply for relief.

The Department of Education has launched a website where borrowers can get updates on student loan forgiveness. Likewise, you’re able to submit an application on the U.S. Department of Education’s website.

You can also find an application form by contacting the loan servicer or by calling the U.S. Department of Education’s Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243).

There is no fee to apply for student loan forgiveness.

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