Biden To Cancel , $5.8 Billion in Debt , for Former Corinthian College Students.<br />Fox News reports that the Biden administration has said it will cancel federal student loans for borrowers who attended the for-profit Corinthian Colleges.<br />Fox News reports that the Biden administration has said it will cancel federal student loans for borrowers who attended the for-profit Corinthian Colleges.<br />The decision will reportedly help <br />some 560,000 students who attended <br />the now-defunct school chain.<br />The decision will reportedly help <br />some 560,000 students who attended <br />the now-defunct school chain.<br />It is the largest action <br />of its kind in the history <br />of the Department of Education.<br />As of today, every student deceived, <br />defrauded and driven into debt by <br />Corinthian Colleges can rest assured <br />that the Biden-Harris Administration <br />has their back and will discharge <br />their federal student loans, Miguel Cardona, Education Secretary, via Fox News.<br />As of today, every student deceived, <br />defrauded and driven into debt by <br />Corinthian Colleges can rest assured <br />that the Biden-Harris Administration <br />has their back and will discharge <br />their federal student loans, Miguel Cardona, Education Secretary, via Fox News.<br />For far too long, Corinthian engaged <br />in the wholesale financial exploitation <br />of students, misleading them into taking <br />on more and more debt to pay <br />for promises they would never keep, Miguel Cardona, Education Secretary, via Fox News.<br />According to Education Department officials, <br />borrowers will also receive refunds for payments already made on their student loans.<br />At one time, Corinthian was one <br />of the largest for-profit college <br />companies in the United States.<br />According to Fox News, the company<br />shut down amid widespread <br />evidence of fraud in 2015.<br />An investigation under the Obama <br />administration found that numerous campuses <br />were falsifying data on the success of graduates. .<br />An investigation under the Obama <br />administration found that numerous campuses <br />were falsifying data on the success of graduates. .<br />Fox News reports that the current move by the <br />Biden administration comes as the president considers taking broader actions on student loan forgiveness. .<br />Fox News reports that the current move by the <br />Biden administration comes as the president considers taking broader actions on student loan forgiveness.
