Biden Administration Cancels $5.8 Billion in Student Loan Debt

The Department of Education announced yesterday that it will cancel $5.8 billion in student loan debt for 560,000 borrowers who attended the former network of for-profit schools known as Corinthian Colleges. The cancellation is the largest one-time discharge ever made by the Department of Education and will ensure that all borrowers who attended Corinthian between 1995 through it’s closure in April, 2015 will receive debt relief. In 2013, Vice President Kamala Harris sued Corinthian Colleges alleging the school was engaging in deceptive and false advertising and recruitment. The suit triggered other federal and state investigations that resulted in Corinthian selling most of it’s campuses in 2014 and closing the remainder in 2015.