The Education Department Is Canceling $150 Million Of Student Loan Debt
The money goes back to borrowers whose colleges shut down, in many cases because of fraud and mismanagement.
The U.S. Department of Education is sending emails to about 15,000 people across the country telling them: You've got money.
These are former students — and some parents of students — who took out loans for colleges that shut down. They will get their money back or have their debt forgiven — an amount estimated at $150 million, all told — under a provision called Automatic Closed School Discharge.
