Biden Admin Cancels $5.8 Billion in Student Debt for People Who Attended Corinthian Colleges

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The Biden administration announced Wednesday that any student who attended the for-profit Corinthian Colleges will automatically get their federal student loans canceled. It will erase $5.8 billion in debt for more than 560,000 borrowers, the largest single loan discharge in Education Department history. Education Secretary Miguel Cardona said, “As of today, every student deceived, defrauded and driven into debt by Corinthian Colleges can rest assured that the Biden-Harris Administration has their back and will discharge their federal student loans.”