White House cancels $5.8B in student loans for former Corinthian College students
The Biden administration is planning to discharge all outstanding federal student loans borrowed by former Corinthian Colleges students, providing $5.8 billion in loan cancellations to 560,000 borrowers.
The group loan discharge applies to all former students who attended any campus owned or operated by Corinthian Colleges Inc. since the company was founded in 1995 through its closure in 2015.
The Hill first reported earlier on Wednesday that the Biden administration was planning to administer widespread relief for former Corinthian students, citing multiple sources.
Vice President Harris is expected to announce the measure on Thursday.
The Department of Education will notify former students of Corinthian in the coming weeks through a letter, and the actual discharges will follow in the months after. Borrowers will not have to take any actions to receive their discharges, and the discharge will not impact borrowers who have already fully repaid their loans.
“We’ve reached a determination that every borrower who attended Corinthian was subject to illegal conduct at Corinthian and at that point we have a variety of legal authorities available to us to discharge those loans,” a senior administration official said.
……..
- Discussion
-
JUST IN: White House cancels $5.8B in student loans for former Corinthian College students https://t.co/zo7GK1rmEi pic.twitter.com/mPYP49VRL0
— The Hill (@thehill) June 1, 2022
You must be logged in to reply to this topic.