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Biden Administration Cancels $5.8 Billion in Corinthian Colleges Student Loan Debt

HeadlineJun 02, 2022

The Department of Education said Wednesday it will cancel $5.8 billion in student loan debt for borrowers who attended the now-defunct network of for-profit schools known as Corinthian Colleges. It’s the largest one-time discharge of debt ever made by the Department of Education. A report by the legal organization the Project on Predatory Student Lending found that the for-profit school industry “systematically targets prospective Black and Latinx students, encourages them to take out federal student loans, and leaves students with a worthless degree and debt that they are unable to repay.”

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