7,400 student-loan borrowers hurt by a school's 'widespread misconduct' are getting $130 million in debt wiped out, Biden's Education Department says

• The Education Department announced it will be wiping out $130 million in student debt for 7,400 borrowers.
• It impacts borrowers who attended Colorado-based campuses of CollegeAmerica between 2006 and 2020.
• The department accused the institution of misleading borrowers on employment rates and terms of private loan products.

Thousands of student-loan borrowers are receiving automatic debt relief after President Joe Biden's Education Department accused their school of wrongdoing.