The Biden administration is offering a new round of student loan debt relief for more than half a million borrowers who were students of Corinthian Colleges.
The action will see $5.8 billion in full loan discharges for 560,000 borrowers, marking the single largest loan discharge in the history of the Department of Education, and brings the total student debt relief extended by the administration to $25 billion.Corinthian operated from 1995 to 2015.
“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.
Still, Biden faces major pressure from liberal activists and lawmakers to move quickly on debt both to keep one of his core campaign promises and to give Democrats momentum heading into November. Several politicians, including Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren , have called on Biden to wipe out even more debt.
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