Washington (CNN) — The Department of Education announced Wednesday that it will cancel $5.8 billion in student loan debt for 560,000 borrowers who attended the now-defunct network of for-profit schools known as Corinthian Colleges.
The cancellation amounts to the largest one-time discharge ever made by the Department of Education.
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Some of Corinthian's former students were already eligible for debt cancellation, but the new action will ensure that all borrowers who attended from Corinthian's founding in 1995 through its closure in April 2015 will get debt relief.
Some of the dozens of campuses were called Everest, Heald College or WyoTech.
This is the latest -- and biggest action -- taken by the Biden administration to cancel federal student loan debt for borrowers who were defrauded by their for-profit colleges. The administration has also made it easier for permanently disabled borrowers to receive debt relief as well as public sector workers.
The new announcement brings the total student loan debt cancellation approved under the Biden administration to $25 billion since January 2021.
This story is breaking and will be updated.
original CNN source: https://www.cnn.com/2022/06/01/politics/student-loan-cancellation-corinthian-for-profit/index.html
This is brilliant politics. The vast majority of people that really need help aren't getting it and the people that hate student debt cancellation are still mad. The problem is not solved. Student loan cancellation is a bandaid because college should be free and costs spiraled out of control because the state subsidies went away. No one's happy or impressed.
But we're supposed to feel sorry for Biden because he's been unlucky. Fuck off dude. Cancel every penny and legalize weed and maybe November won't make you a lame duck.
I think we should start using Ukraine or Russia's as a new unit of measurement. Like the aid-packages to Ukraine so far has totaled more than Russia spends on it's entire millitary in a year. Would also really hammer home just how badly eveything is getting gauged.
Biden has canceled $25 billion in debt, which is 1.5% of all student debt. im glad for people who this helps but its still so meaningless.
I can''t read this and not think of the Kamala: "Start a business in a impoverished community for 10 years and get a $500 tax refund towards your college debt" thing.
Literally every time this happens, my mom is excited and calls me to say "I heard on the news they were cancelling student debt, isnt that nice for you!" Then i need to look up whatever she heard and find out that no, it only applies to some tiny subset of people.
