Nearly $39M in loan forgiveness coming for some New Mexican students
ALBUQUERQUE — New Mexico Attorney General Hector Balderas announced Tuesday that around $38.8 million in federal student loan forgiveness has been secured for 1,950 New Mexican students.
The 1,950 New Mexican students are among 208,000 borrowers who took out a total of $3.9 billion to attend ITT Technical Institute, between January 1, 2005 and when the university closed in September 2016.
All borrowers will receive full loan forgiveness without any additional action needed and regardless of if they filed a defense for repayment discharge.
“ITT ripped off New Mexican students who were pursuing higher education, and I am pleased that our litigation team partnered with the Consumer Financial Protection Bureau and the Department of Education in providing financial relief to our students to help them in their future,” Attorney General Balderas said.
ITT Technical Institute is accused of ‘widespread and pervasive’ misrepresentations related to students’ ability to get a job or transfer credits and of lying about the programmatic accreditation of their associate degree in nursing.