Student loans totaling $150M to be forgiven by US Department of Education

WASHINGTON (KABC) -- The U.S. Department of Education plans to cancel about $150 million in student loan debt, which means about 15,000 borrowers will be forgiven.

It's all part of an Obama-era policy that helps students who owed money to for-profit colleges that were shut down while the students were still enrolled.

Education secretary Betsy DeVos tried to block the rule for months, but a federal judge ordered the rule to be re-implemented.