The Biden administration just canceled $5.8 billion in student loans—and more borrowers could see relief soon
The U.S. Department of Education canceled about $5.8 billion in outstanding student loans for more than 560,000
borrowers in the largest single loan forgiveness action taken by the government to date, the department announced Wednesday.
The cancellation applies to all those who attended schools operated by the now-defunct Corinthian Colleges
one of the largest for-profit education companies that filed for Chapter 11 bankruptcy in 2015.
Corinthian Colleges has faced several lawsuits since its founding in 1995
but perhaps the most notable is from 2013, when Vice President Kamala Harris sued Corinthian
while she was attorney general of California for “deceptive and false advertising
and recruiting” among other allegations, according to the department.
“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,