The settlement stems from a 2019 class action lawsuit called Sweet v. Cardona.
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The case argues that many borrower defense claims for loan cancellation were ignored by the U.S. Department of Education.
Did you know?
Wondering if you qualify for debt relief from the Sweet v. Cardona class action lawsuit?
The easiest way toapply for borrower defenseis online, where it takes about 30 minutes to complete the software.
Keep in mind that the pool of former students who qualify for borrower defense is limited.
Still, it never hurts to apply if you believe your school defrauded you.
The administration has already approvedbillions in student loan forgivenessfor 1.3 million borrowers.
Thats about 3% of all Americans who have federal student loan debt.
Will Biden Wipe $10,000 in Student Loan Debt for Borrowers?
There are rumblings that President Joe Biden may enact broader student loan forgiveness in the future.
In April, Biden said he was considering wide student loan forgiveness.
During his run for the White House, Biden said he would support $10,000 in forgiveness per student.
Borrowers have enjoyed a pause on student loan repayments since the pandemic began.
But that pause is set toexpire Aug. 31.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
