Biden Forgives $130 Million in Federal Loans for 7,400 Students of Now-Closed Colorado College

CollegeAmerica shut down in 2020 after misleading students about career prospects.
The college parent company misrepresented graduate salaries, job rates, programs, and loan terms.
Eligible students attended the Colorado locations of CollegeAmerica from 2006 to 2020.
This federal loan relief is separate from Biden's broader student debt forgiveness plan.
Borrowers will automatically receive refunds on federal loan payments already made.