Corinthian Colleges Borrowers Obtain Student Loan Forgiveness, Total $5.8M

Photo by Dominique Genetti

Federal student aid documents and a small square academic cap.

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The lingering question about what President Joe Biden will do with his campaign promise to cancel student loans is no longer a concern for more than half a million borrowers.

Student borrowers who attended Corinthian Colleges had their loans canceled with the approval of the US Department of Education. The massive sum of canceled student loans is $5.8 billion.

The announcement comes after the Department for Education’s findings in 2015 that Corinthian engaged in widespread and pervasive misrepresentation regarding a borrower’s job prospects.

Corinthian Colleges was founded in 1995 and bought out private, for-profit colleges across the country. In 2010, more than 110,000 students were enrolled on 105 campuses.

“For too long, Corinthian has engaged in the large-scale financial exploitation of students, driving them into deeper and deeper debt to pay for promises they would never keep,” the US Secretary of State said. ‘Education, Miguel Cardona, in a press release. “While our actions today will relieve victims of Corinthian colleges of their burden, the Department of Education is actively stepping up oversight to better protect today’s students from the tactics and ensure that institutions for-profit – and the corporations that own them – never get away from such abuse again.”

About Judith J. George

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