Biden Admin writes off $5.8 billion in debt for Corinthian students

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By Hailey Konnath (June 1, 2022, 11:14 p.m. EDT) — The U.S. Department of Education will write off $5.8 billion in outstanding debt for thousands of former Corinthian College students, eliminating all remaining student-related loans. institution closed in what the agency said was the largest single loan release in its history.

The Department of Education said in a statement that it would repay federal student loans borrowed to attend any Corinthian Colleges Inc. campus from the school’s inception in 1995 until its closure in 2015. Ultimately, 560,000 borrowers will see their debt forgiven, the department says.

The agency pointed to Corinthian’s “widespread and pervasive misrepresentations” regarding students…

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