Biden Administration to forgive student debt for those who went to certain colleges

WASHINGTON (AP) — The Biden administration says it will forgive all remaining federal student debt for former students of the for-profit Corinthian Colleges chain.

Under the new action, anyone who attended the chain from 1995 to its collapse in 2015 will get their federal student debt automatically canceled.

It will erase $5.8 billion in debt for more than 560,000 borrowers, the largest single loan discharge in Education Department history.

Education Secretary Miguel Cardona says “every student deceived, defrauded and driven into debt by Corinthian Colleges can rest assured that the Biden-Harris Administration has their back and will discharge their federal student loans.”