DeVos reaches settlement in lawsuit over loan relief program

The U.S. Education Department is promising to process student loan forgiveness claims for nearly 170,000 borrowers within 18 months as part of a proposed settlement announced Friday in a federal lawsuit. The suit alleges that Education Secretary Betsy DeVos illegally stalled a program known as borrower defense to repayment, which promises to forgive federal student loans for borrowers who are cheated by their colleges. Under the settlement, DeVos admits no wrongdoing but promises to issue decisions on all pending claims within 18 months, and to cancel debt for approved claims within 21 months.

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