• Discounts and special offers
  • Subscriber-only articles and interviews
  • Breaking news and trending topics

Already a subscriber?

By signing up, you accept Moneywise's Terms of Use, Subscription Agreement, and Privacy Policy.

Not interested ?

Who is getting forgiveness?

Biden’s student relief decision covers a group of 7,400 students who enrolled at three Colorado-based locations of CollegeAmerica between Jan. 1, 2006, and July 1, 2020.

The ED says it will begin notifying borrowers in August if they are approved for debt cancellation. Those affected will automatically have their federal loans discharged and won’t have to submit an application.

Need cash fast? Turn to Credible for hassle-free personal loans!

With competitive rates and transparent terms, Credible makes borrowing simple and stress-free. Whether it's for a new car, home improvement, or debt consolidation, find the perfect loan for your needs

Find the best rate for you

What happened?

CollegeAmerica — a now-defunct private institution — shut down in 2020 after a multi-year investigation and lawsuit brought by the state of Colorado against CEHE and its leadership.

The DE says an independent review of the state’s evidence found CEHE misrepresented graduate earnings and job placement rates, as well as some academic program offerings. The DE also says, from 2007 through 2017, CEHE marketed its private loan offering, EduPlan, as “affordable” even though some years as many as 70% of borrowers who were enrolled in the Colorado campuses defaulted on these loans.

Biden debt relief path

The Biden administration says it has thus far approved $14.7 billion in relief for 1.1 million borrowers “whose colleges took advantage of them or closed abruptly.”

And the president’s pulling out more tools to provide student aid, such as the new Saving on a Valuable Education (SAVE) plan and imposing a 12-month “on ramp” as student loan repayments are set to resume in October.


Follow These Steps if you Want to Retire Early

Secure your financial future with a tailored plan to maximize investments, navigate taxes, and retire comfortably.

Zoe Financial is an online platform that can match you with a network of vetted fiduciary advisors who are evaluated based on their credentials, education, experience, and pricing. The best part? - there is no fee to find an advisor.

About the Author

Serah Louis

Serah Louis


Serah Louis is a reporter with Moneywise.com. She enjoys tackling topical personal finance issues for young people and women and covering the latest in financial news.

What to Read Next


The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.