Canceling student debt for defrauded borrowers isn't enough: Ed. Dept.

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Canceling student debt for defrauded borrowers isn't enough: Ed. Dept.
France Dernières Nouvelles,France Actualités
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Canceling student debt for millions of borrowers 'cheated by for-profit colleges' isn't enough, Biden's Education Department says — it's time for the top executives to pay up

President Joe Biden's Education Department doesn't want to let executives of for-profit colleges that cause student debt to surge off the hook.on implementing the Education Secretary's authority to hold executives of private colleges financially liable for the cost of unpaid debts defrauded students took on.

"The Biden-Harris Administration is canceling the loans of more than a million borrowers cheated by for-profit colleges. But too often, the owners and executives of these colleges escape liability," Under Secretary of Education James Kvaal said in a statement.

Existing civil or criminal lawsuits, settlements, or disciplinary actions by the government involving claims of fraud And a compensation structure for executives that could"significantly affect the financial health of the institution."

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