Washington CNN —
The Biden administration has agreed to cancel an estimated $6 billion in federal student loan debt for about 200,000 borrowers who have claimed they were defrauded by their college.
The administration had previously approved $25 billion in loan forgiveness for 1.3 million borrowers. Around 43 million Americans have federal student loan debt.
Many of the borrowers affected by the new agreement have been waiting years for the Department of Education to process their claims under a rule known as borrower defense to repayment. It allows borrowers who believe they were misled by their college, often over inflated job placement rates or the ability to transfer
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