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| Biden admin to cancel $5.8B in school loans for former Corinthian College students | ||
| 2022-06-03 | ||
| [FoxNews] The Biden administration says it will cancel federal student loans for some 560,000 borrowers who attended the for-profit Corinthian Colleges chain. Under the new action, hundreds of thousands of students who attended the now-defunct chain will receive $5.8 billion in full loan discharges – the largest of its kind in the Department of Education's history.
Thousands of former Corinthian students were already eligible for debt cancellation, but they had to file paperwork and navigate an application process that advocates say is confusing and not widely known. Those who have a remaining balance on their debt will also get refunds on payments they have already made, Education Department officials said. Students who have paid off their school loans will not be eligible. At its peak, Corinthian was one of the nation's largest for-profit college companies, with more than 110,000 at 100 campuses across the country. The company shut down in 2015 amid widespread findings of fraud. The Obama administration found that scores of campuses were falsifying data on the success of their graduates. In some cases, the schools reported that students had found jobs in their fields of study even though they were working at grocery stores or fast-food chains.
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| Posted by:Skidmark |
| #13 Brother-in-law got a degree from a similar program some years ago and has mostly paid off the loan. No regrets. Parlayed his degree into a great fiber optic job at a national research lab. |
| Posted by: Glenmore 2022-06-03 13:21 |
| #12 $5.8 billion in federal student loan debt for 560,000 students who attended Corinthian (Wikipedia) Or, just over $10k per student, on average. A different way to "Build Back Better". A boost to the economy! |
| Posted by: Bobby 2022-06-03 13:12 |
| #11 The money went to teachers, administrators and financial functionaries who could not get jobs at real universities. |
| Posted by: M. Murcek 2022-06-03 12:10 |
| #10 Where did all that money go? If the students used the loans to pay tuition, where did the tuition money go? Besides, it's the government and Sallie Mae that deceives and defrauds students every day by encouraging them to take loans that they can never repay. |
| Posted by: Abu Uluque 2022-06-03 12:04 |
| #9 Not being able to read or write oftentimes poses a challenge. Which is why 'voting coaches' are allowed in the polling booths. |
| Posted by: Skidmark 2022-06-03 11:07 |
| #8 If you graduated from 1 of these schools, would your degree still be valid? |
| Posted by: Chris 2022-06-03 10:39 |
| #7 Let us have some transparency; the debt is not cancelled, it is being pushed from the borrower to the taxpayer. |
| Posted by: Airandee 2022-06-03 09:47 |
| #6 falsifying data on the success of their graduates So, different from most all inner-city schools these days how, exactly? |
| Posted by: M. Murcek 2022-06-03 09:02 |
| #5 THE scam is the one in which academia has decided to enrich itself by making the secondary schools into a feeder system for colleges and universities. They turned themselves into paper mills to line their pockets with the aiding and abetting of the pols at the trough of the public treasury. |
| Posted by: Procopius2k 2022-06-03 09:00 |
| #4 Didn't realize the gov't is supposed to indemnify you for being taken by a scam.... (written in lemon juice on the back of the Constitution?) |
| Posted by: Mercutio 2022-06-03 08:43 |
| #3 Rewarding his special interest upon the backs of the working class. |
| Posted by: Procopius2k 2022-06-03 06:51 |
| #2 Students who have paid off their school loans will not be eligible. Once again, punishing people who did the right thing. Good job Brendan. |
| Posted by: Bertie Lumumba1577 2022-06-03 03:25 |
| #1 Thousands of former Corinthian students were already eligible for debt cancellation, but they had to file paperwork and navigate an application process that advocates say is confusing and not widely known. Not being able to read or write oftentimes poses a challenge. |
| Posted by: Besoeker 2022-06-03 02:31 |