The move will erase debt for more than 560,000 borrowers.
, the Biden administration announced Wednesday, a move that aims to bring closure to one of the most notorious cases of fraud in American higher education.
Under the new action, anyone who attended the now-defunct chain from its founding in 1995 to its collapse in 2015 will get their federal student debt wiped clean. It will erase $5.8 billion in debt for more than 560,000 borrowers, the largest single loan discharge in Education Department history, according to the agency.
"As of today, every student deceived, defrauded and driven into debt by Corinthian Colleges can rest assured that the Biden-Harris Administration has their back and will discharge their federal student loans," Education Secretary Miguel Cardona said."For far too long, Corinthian engaged in the wholesale financial exploitation of students, misleading them into taking on more and more debt to pay for promises they would never keep.
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Biden administration cancels $5.8 billion in student debt for people who attended for-profit collegeThe move will erase debt for more than 560,000 borrowers.
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Biden administration cancels $5.8 billion in student loan debt for Corinthian Colleges studentsThe Department of Education will make their largest discharge ever with $5.8 billion of student loan debt wiped out for students who attended Corinthian Colleges.
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Biden administration erases debt of former Corinthian College studentsHundreds of thousands of students who attended the for-profit Corinthian Colleges chain will automatically get their federal student loans canceled, the Biden administration announced Wednesday.
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Biden Will Forgive $5.8 Billion in Student Debt From For-Profit Corinthian CollegesThe education secretary said that Corinthian “engaged in wholesale financial exploitation of students.”
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Biden administration cancels $5.8 billion in student loan debt for Corinthian Colleges studentsThe Department of Education will make their largest discharge ever with $5.8 billion of student loan debt wiped out for students who attended Corinthian Colleges.
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Federal Student Debt For Former Corinthian Students Will Be ForgivenThe Biden administration says it will forgive all remaining federal student debt for former students of the for-profit Corinthian Colleges chain.
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