Biden to forgive $130 million in debt for CollegeAmerica students
CBSN
President Joe Biden on Tuesday said he is forgiving $130 million in student debt for 7,400 borrowers who attended CollegeAmerica in Colorado, a defunct for-profit college that shut down in 2020 after misleading students about their career prospects and loans.
The debt will be forgiven automatically for students who were enrolled in the Colorado-based locations of CollegeAmerica between January 1, 2006 and July 1, 2020, the U.S. Department of Education said Tuesday in a statement. The college's Colorado locations stopped enrolling new students in 2019 and closed by September 2020.
CollegeAmerica billed itself as helping working adults earn their degrees, but it drew criticism from education experts and state officials. In 2018, the institution was put on probation by the Accrediting Commission of Career Schools and Colleges (ACCSC) because the program was "designed and implemented in a manner that is not designed for student success," the ACCSC said.
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