The Biden administration just canceled $5.8 billion in student loans.
By Morgan Smith, CNBC
The U.S. Department of Education canceled about $5.8 billion in outstanding student loans for more than 560,000 borrowers in the largest single loan forgiveness action taken by the government to date, the department announced Wednesday.
The cancellation applies to all those who attended schools operated by the now-defunct Corinthian Colleges, one of the largest for-profit education companies that filed for Chapter 11 bankruptcy in 2015.
Corinthian Colleges has faced several lawsuits since its founding in 1995 — but perhaps the most notable is from 2013, when Vice President Kamala Harris sued Corinthian while she was attorney general of California for “deceptive and false advertising and recruiting” among other allegations, according to the department.
Recent Posts
Abolish the Board of Peace. Try the Table of Peace.
Take Action Now I asked people to pretend to be the United States Congress for 10 seconds. (Many of them were disgusted at the thought but I assured…
Black Power, White Heat, and the Work of Solidarity
Take Action Now What a history of the 1960s can teach us about organizing in an authoritarian ageBy Alexandria Shaner, Z Network There is a…
ICE Bans Hugging Inside California’s Largest Detention Center. Families Are Fighting Back
Take Action Now In the California City facility, ‘contact visits’ are strictly forbidden – but detained residents aren’t staying quiet. Are officials…
Tyrant Trump Is Lucky in the Cowardice of His Enemies
Take Action Now Democratic leadership’s refusal to pursue impeachment signals to Trump that he has two-plus unchallenged years to ravage the lives…