WASHINGTON—The United States will cancel $6 billion in student loans for 200,000 borrowers who claimed they were defrauded by their colleges, the administration of President Joe Biden said.
A settlement agreement between the borrowers and the Department of Education was filed with the U.S. District Court for the Northern District of California on Wednesday and must be approved by a federal judge.
Student debt cancellation has become a priority for many liberals and one that could shore up popularity with younger and more highly-educated voters, who lean Democratic, before November’s midterm congressional elections.
About 43 million Americans have federal student loan debt, according to educationdata.org….