A federal judge just ruled $6 billion in student-debt cancellation can move forward for 200,000 defrauded borrowers, saying the decision will 'allow them to not only to move on, but also to move up, elevating others in the process'
On Friday evening, federal Judge William Alsup ruled that a settlement he had already approved last year resulting from a lawsuit — can move forward, which would give 200,000 borrowers defrauded by the schools they attended $6 billion in debt relief.
However, two for-profit companies — Lincoln Educational Services Corp. and American National University — and Everglades College, Inc., a nonprofit,in January and pause the relief because they argued they did not have sufficient time to push back against being included in the settlement. Alsup rejected their request on Friday.
"Note the relief provided by this settlement will allow plaintiffs to breathe easier, sleep easier, repair their credit scores, take new jobs, enroll in new educational programs, finish their degrees, get married, start families, provide for their children, finance houses and vehicles, and save for retirement," he continued."It will allow them not only to move on, but also to move up, elevating others in the process.
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