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.
Biden cancels all remaining student loan debt for 560,000 borrowers who were students of Corinthian colleges https://t.co/dK9BOJ1XXa
— Ben Owen 🇺🇸 (@hrkbenowen) June 2, 2022
“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.
BREAKING: Biden administration cancels $5.8 billion in student loan debt for 560,000 borrowers who attended the now-defunct Corinthian Colleges https://t.co/XhfFATHqf4
— CNN Politics (@CNNPolitics) June 1, 2022
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.