U.S. Department of Education cancels historic federal student loan debt for 560,000 students who were victims of now defunct Corinthian Colleges
AGN.News Team
June 3, 2022
WASHINGTON (AGN.News) – U.S. Department of Education cancels historic federal student loan debt for 560,000 students who were fraud victims of now defunct, as of April 27, 2015, Corinthian Colleges.
Corinthian Colleges, Inc., a former Irvine, California company, was a large for-profit post-secondary education company in the United States of America and Canada. Its subsidiaries offered career-oriented diploma and degree programs in health care, business, criminal justice, transportation technology and maintenance, construction trades, services and information technology.
CCi operated over one hundred Everest, Heald and WyoTech campuses in North America. Corinthian closed their campuses in Canada on February 19, 2015, after the Ontario government suspended their operating license. On April 26, 2015, Corinthian cease operations at all remaining United States locations.
Corinthian Colleges faced numerous investigations and lawsuits, including an ongoing federal criminal investigations. On June 2, 2022, the White House announced the erasure of all student loans for over 560,000 victims of alleged fraudulent business practices.
California Attorney General alleged that Corinthian Colleges targeted single parents living close to the poverty level, an historic demographic that its internal documents described as “composed of ‘isolated,’ ‘impatient,’ individuals with ‘low self-esteem,’ who have ‘few people in their lives who care about them’ and who are ‘stuck’ and ‘unable to see and plan well for future,’ through aggressive and persistent internet and telemarketing campaigns and through television ads on daytime shows.
Many students were pressured into signing up for classes paid for by student loans. In the end, its alleged, that a high percentage of students never became gainfully employed after attending any of the Corinthian Colleges. However, they were stuck with student loans they could never repay.
So, the Biden Administration solved that financial disaster by wiping out every student loan for over 560,000 former students totaling $5.8 billion in student debt for all remaining borrowers defrauded by Corinthian Colleges.
The mass discharge is the largest amount of debt the federal government has erased in one action in the history of federally-backed student loan programs. This $5.8 billion wipes out all those loans, forever.
COVID-19 PREVENTION
STOP THE SPREAD! GET VACCINATED!
VACCINES ARE AVAILABLE FOR FREE!
Everyone is being urged by the Centers for Disease Control (CDC.gov) to get vaccinated, wear masks, practice social distancing, and wash hands as a way to cut down on the transmission rate.
For more information on local responses to the novel coronavirus also called … COVID-19, contact your local healthcare provider, visit coronavirus.gov or visit cdc.gov for the United States response to the coronavirus.
News you can use! Enjoy the best of news from your community by Alphabet Global News.
ALPHABET GLOBAL NEWS
Reliable. Trusted. Local. News.
On Mobile … Fast!
Written by
AGN.News Team
Disclaimer: This post does not represent the views or viewpoint of the owner of AlpLocal.com, AGN News or its representatives or reporters. Any content which references any person, entity or group with similar names, descriptions, or business interest in any geographical location or similar businesses is merely a coincidence and not directed at said business. AGN News is compiled from submissions by contributors or other sources.
