(WBBM NEWSRADIO) — Students who used federal loans to attend the now defunct ITT Technical Institute as far back as 2005 are getting that debt forgiven.
The U.S. Department of Education is cancelling nearly $4 billion in debt for some 208,000 students of the former ITT Tech. A federal investigation found “widespread and pervasive misrepresentations” at the for-profit college chain.
U.S. Sen. Dick Durbin of Illinois has long complained that the colleges were a big scam, recruiting struggling students with the promise of valuable college degrees and good jobs. But all they really wanted was for students to take out loans to pay them, Durbin has said.
Now, he says, the students are getting the relief they deserve.
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