The U.S. Department of Education announced Wednesday it will forgive $5.8 billion in federal loan debt carried by former students of the Santa Ana-based Corinthian Colleges system, which collapsed in 2015 amid a fraud crackdown led by then-California Attorney General Kamala Harris.
The Biden administration plans to forgive loans for an estimated 560,000 former students of the for-profit Corinthian Colleges, a senior administration official said Wednesday.
President Joe Biden’s administration has forgiven $5.8 billion in student loans for former students of Corinthian Colleges Inc. Corinthian College schools were accused of misleading student to take on debt, then failing to fulfill promises. Everest College in West Valley City, Utah was one of Corinthian Colleges’ campuses.