WASHINGTON (AP) — The Biden administration is aiming to bring closure to one of the most notorious cases of fraud in American higher education.
That’s the goal of the government’s move to forgive all remaining federal student debt for former students of the for-profit Corinthian Colleges chain.
That means anyone who attended the chain from 1995 to its collapse in 2015 will get his or her federal student debt automatically canceled.
The action will erase $5.8 billion in debt for more than 560,000 borrowers, in what the Education Department says is the largest loan discharge ever.
At its peak, Corinthian was one of the largest for-profit college companies, with more than 100 campuses and more than 110,000 students.