Biden admin cancels student loan debt for 560k borrowers

The Biden administration has agreed to cancel the loan debt of 560,000 former students from Corinthians Colleges.

The total of $5.8 billion in loans extended the cancellations to students who attended the now closed for-profit college.

“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,” Secretary of Education Miguel Cardona said in a statement.

“For far too long, Corinthian engaged in the wholesale financial exploitation of students, misleading them into taking on more and more debt to pay for promises they would never keep,” it added.

The new move makes more than $25 billion student loans now cancelled under the Biden administration. Some Democrats are pushing for more student loan relief, with at least $10,00 in student loan forgiveness nationwide.

The controversial move is not popular among many voters, though a large number of Americans continue to struggle with high levels of loan debt.

3 Responses

  1. In general I do not agree with Student loan forgiveness, this is a case where the students were defrauded, so I think the people who ran Corinthian College should be made to pay the student loans, which were given to the students for the purpose of helping them with their education, and obviously the afore mentioned college failed to do that. Since one party failed to fulfill their obligation the contract is null and void and should be forgiven or paid by the party who failed to fulfill their end of the contract.

  2. What gives Bidet the right to cancel ANY debt for school loans? The loans were taken out and approved and should be paid back!

  3. I agree with what Mary said. The loans were taken out and approved and should be paid back!! Biden should not even be as in his position as the President to our country as he doesn’t even know what to do!!

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