The Biden administration is set to discharge all remaining federal student loans borrowed to attend Corinthian Colleges, which will amount to $5.8 billion in full loan discharges to 560,000 recipients, the U.S. Department of Education announced on June 1.
It comes after Corinthian, which was one of the largest for-profit post-secondary education companies in the United States, faced a string of allegations that it had intentionally deceived, defrauded, and financially exploited students.
According to the department, the group loan discharge will apply to all former students who attended any campus owned or operated by Corinthian Colleges Inc. since it was founded in 1995 through its closure in 2015….