Department of Education to Erase $150 Million in Student Debt

If you took out a student loan to attend a for-profit college or university, you may be getting the best Christmas present of all this year.

The Department of Education will be erasing $150 million worth of student debt thanks to an Obama-era rule called the borrower defense to repayment.

The rule benefits students who were taken advantage of by for-profit colleges. The decision by DOE will impact about 15,000 borrowers that were enrolled in classes at schools that wound up shutting down.

Keep an eye on your mailbox for a letter from DOE officials. They’ll be letting you know how much of your student debt will be getting wiped out.