Hundreds of thousands of students who attended the for-profit Corinthian Colleges chain will automatically get their federal student loans canceled, the Biden administration says, aiming to bring closure to one of the most notorious cases of fraud in American higher education.
Anyone who attended the now-defunct chain from its founding in 1995 to its collapse in 2015 will get his or her federal student debt wiped clean. The move will erase $5.8 billion in debt for more than 560,000 borrowers, in what the Education Department said was the largest single loan discharge ever.
