Department of Education to erase $150 million in student debt

(WSVN) - The Department of Education is set to erase $150 million worth of student debt.

Officials will do so thanks to an Obama-era rule called the borrower defense to repayment, which benefits students who were taken advantage of by for-profit colleges.

About 15,000 borrowers who were in schools that shut down during the time they were still enrolled will benefit from this move.

Starting Friday, the Department of Education will begin emailing affected students to let them know that some or all of their loans will be discharged within the next 30 to 90 days.

Education Secretary Betsy DeVos tried to block the rule for months.

However, about two months ago, a federal judge ordered the rule be reimplemented.

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