- The United States will erase $5.8 billion in student loan
- The company has a practice of deceiving its students: Officials
- Biden in talks whether to pursue universal loan cancellation
The United States will erase $5.8 billion in outstanding debt for students of the now-defunct Corinthian Colleges Inc., whom the government claims were duped and defrauded a significant loan cancellation that comes as President Joe Biden explores a broader plan.
Vice President Kamala Harris, who sued Corinthian as California’s attorney general, will make the news on Thursday, completely cancelling 560,000 borrowers’ loans.
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As per officials, some students with outstanding debt will receive reimbursements for payments already made.
It applies to all borrowers who attended Corinthian between its inception in 1995 and its closure in 2015.
It is the greatest single loan discharge in the history of the United States Education Department.
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