Biden Administration Cancels Student Loans For 560,000 Former Corinthian College Students
In The News Piece in Forbes
New America / NTL studio on Shutterstock
June 1, 2022
Edward Conroy wrote an article in Forbes about the latest student loan cancellation from the Biden Administration for students from Corinthian College.
Today the Department of Education (ED) announced it is forgiving student loans for former Corinthian College students, bringing relief to 560,000 thousand borrowers who attended the now-closed chain of for-profit colleges. The total amount to be forgiven is estimated to be $5.6 billion.
Corinthian Colleges closed down in 2015 after facing multiple lawsuits and investigations into fraudulent behavior. At its peak, Corinthian enrolled over 100,000 students and collected over a billion dollars in federal financial aid funds annually. Students were lured in through slick advertising and high-pressure enrollment tactics, often telling students they needed to start classes that week, or they would lose their spot.
Read the full article here.