Anyone who borrowed money to attend a Corinthian Colleges school will have their federal student loans annulled. The for-profit company defrauded students for years until closing in 2015.
The bulk discharge eliminated $5.8 billion in debt from more than 500,000 debtors.
While our actions today will relieve Corinthian Colleges' victims
never again get away with such abuse, said Education Secretary Miguel Cardona.
Corinthian Colleges opened 1995.
The California-based universities collapsed in 2015 after the Education Department cut off federal funding. Students who attended the institution occasionally had trouble getting their debts erased.
President Biden is considering broader student loan forgiveness, and federal student loan payments are paused. This gap ends in August.