Federal Appeals Court Erases $23 Billion in Student Loan Debt for 450,000 Borrowers Defrauded by For-Profit Colleges

A federal appeals court has issued a ruling that will erase $23 billion in student loan debt for an estimated 450,000 borrowers who were misled by false promises from over 150 for-profit colleges. The unanimous decision by the U.S. Court of Appeals for the Ninth Circuit came on July 17 in the case of Sweet v. McMahon.