Finance
January 1, Biden Administration Cancels $5.8B of Debt
The Biden administration announced that it’s canceling $5.8 billion in federal student loan debt for borrowers who attended the now-defunct for-profit Corinthian Colleges chain.
“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,” Education Secretary Miguel Cardona said.
“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.”
According to a report, the former Corinthian students were already eligible for debt cancellation, but the process was confusing and not widely known.
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David in MA
June 6, 2022 at 4:20 pm
Unconstittional, he cannot do this!
Johnny Edward
June 7, 2022 at 4:08 pm
So, a college that no longer exits, like many colleges and universities stuck it to the kids skated with the government’s money and Biden is skipping their government part. That is a gift to those who got a degree from Corinthian, provided they even applied their trade. Be sure that Biden never, ever gives away anything without a catch. This is a back door to try to let all debts go, even though the majority of Americans disagree with this wasteful spending.