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U.S. to cancel all remaining student loans used for bankrupt Corinthian Colleges -Breaking


WASHINGTON (Reuters) – The U.S. Division of Schooling on Wednesday mentioned it can cancel all remaining federal pupil loans used to attend any campus owned by for-profit Corinthian Faculties Inc, which shut down in 2015 amid investigations into whether or not it misled buyers and college students.

The choice, to be introduced by Vice President Kamala Harris on Thursday, will lead to $5.8 billion in full mortgage discharges for 560,000 debtors, the most important single such transfer ever made by the division, division officers mentioned.

The division was investigating different instances that would effectively result in additional mortgage discharges for college students cheated by their schools, a senior official instructed reporters.