Posted by on June 5, 2022 10:39 pm
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While widespread student loan forgiveness hasn’t yet become a reality, some U.S. borrowers have already received some debt relief. Roughly 1.3 million borrowers have seen $25 billion in student debt forgiveness since President Biden took office.

On Wednesday, the Department of Education announced it will discharge the outstanding federal student loans of former Corinthian Colleges students after the school faced multiple investigations and was accused of defrauding students out of millions in federally backed loans. In total, $5.8 billion in loans will be canceled for 560,000 borrowers, making it the largest single-loan discharged by the Education Department.

This is the second group discharge of student loans by the Biden administration. The first was in April when loan discharges for former students of Marinello Schools of Beauty were approved.

 

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