Headline RoundupJune 2nd, 2022

Biden Admin to Cancel $5.8 Billion in Student Loan Debt for Students of Corinthian Colleges

Summary from the AllSides News Team

On Wednesday, the Biden Administration announced plans to cancel $5.8 billion in student loan debt.

The debt cancellations will be for former students of Corinthian Colleges, a for-profit education company that shut down in 2015 when the Department of Education found that Corinthian's Heald College fraudulently misled prospective students about the success of their graduates. The cancellation will benefit around 560,000 students who were enrolled since Corinthian's founding in 1995. Some former students of Corinthian Colleges were already eligible to apply for debt cancellation, but this new action will be automatic and guarantees debt relief to all borrowers.

Education Secretary Miguel Cardona said Tuesday that Corinthian Colleges misled students "into taking on more and more debt to pay for promises they would never keep." At its height, Corinthian had more than 110,000 students at 100 campuses across the country.  Back in April, the Biden administration extended the pause on federal student loan repayments through August.

Both left- and right-rated news sources covered the announcement of the $5.8 billion student debt cancellation prominently. 

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