The Biden administration says it will forgive all remaining federal student debt for former students of the for-profit Corinthian Colleges chain.
WASHINGTON — Hundreds of thousands of students who attended the for-profit Corinthian Colleges chain will automatically get their federal student loans canceled, the Biden administration announced Wednesday, a move that aims to bring closure to one of the most notorious cases of fraud in American higher education.
Those who have a remaining balance on their Corinthian debt will also get refunds on payments they have already made, Education Department officials said. But the action does not apply to loans that have already been paid off in full. The case inspired a federal crackdown on for-profit colleges, and the Obama administration promised to forgive loans for Corinthian students whose programs lied about job placement rates. The administration went on to expand a process known as borrower defense to repayment, which allows any defrauded student to apply for debt cancellation.
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