Supreme Court allows $6 billion student loan debt settlement, per CNBC

Supreme Court allows $6 billion student loan debt settlement, per CNBC.

The class-action settlement concerns loans that borrowers claim should be canceled because they were taken out based on misrepresentation made by their schools, many of which are for-profit. The settlement could be worth more than $6 billion.

The application at the Supreme Court was filed by Everglades College, Lincoln Educational Services Corp. and American National University. Lincoln and American National are for-profit enterprises, while Everglades is not-for-profit. All three operate colleges the federal government placed on a list of more than 150 institutions that it said are linked with claims of “substantial misconduct.”

This is not part of Biden's plan.

Read full story: https://www.cnbc.com/2023/04/13/supreme-court-allows-6-billion-student-loan-debt-settlement.html?__source=sharebar|twitter&par=sharebar