An estimated 560,000 student borrowers will automatically receive relief.
In the largest single student-debt cancellation ever by the federal government, the Education Department announced that it will forgive all outstanding loans held by students who attended the for-profit Corinthian Colleges. In total, the department will forgive $5.
8 billion in student-loan debt, held by an estimated 560,000 student borrowers. The Corinthian schools were founded in 1995 and closed in 2015, when the company declared bankruptcy; all who attended within that time period are eligible for debt forgiveness, and the cancellation will occur automatically.
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Biden administration will cancel student debt for half a million students from Corinthian CollegesAround 560,000 student loan borrowers who attended Corinthian Colleges will soon get their balances cleared, senior Biden administration officials say.
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