President Joe Biden approved the cancellation of college debt for 200,000 students who claimed their college defrauded them. The move is expected to cost an estimated $6 billion. The proposed settlement was approved recently, but a judge still needs to sign off on the reimbursement. The students filed under the borrower defense to repayment rule. If approved and signed off, the rule allows for students who believe colleges misled them to receive relief from their loans. The claims often revolve around inflated rates of employment for graduates or false transfer credits. After approval by a ju…
