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June 2, 2022

Biden Administration Cancels $5.8 Billion in Corinthian Colleges Student Loan Debt
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The Department of Education said Wednesday it will cancel $5.8 billion
in student loan debt for borrowers who attended the now-defunct network
of for-profit schools known as Corinthian Colleges. It's the largest
one-time discharge of debt ever made by the Department of Education. A
report by the legal organization the Project on Predatory Student
Lending found that the for-profit school industry "systematically
targets prospective Black and Latinx students, encourages them to take
out federal student loans, and leaves students with a worthless degree
and debt that they are unable to repay."


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