Biden administration cancels $5.8 billion in student loan debt for former Corinthian students

Updated: 01 JUN 22 19:12 ET

    (CNN) -- The Department of Education announced Wednesday that it will cancel $5.8 billion in student loan debt for 560,000 borrowers who attended the now-defunct network of for-profit schools known as Corinthian Colleges.

The cancellation amounts to the largest one-time discharge ever made by the Department of Education.

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Some of Corinthian's former students were already eligible for debt cancellation, but the new action will ensure that all borrowers who attended from Corinthian's founding in 1995 through its closure in April 2015 will get debt relief.

Some of the dozens of campuses were called Everest, Heald College or WyoTech.

This is the latest -- and biggest action -- taken by the Biden administration to cancel federal student loan debt for borrowers who were defrauded by their for-profit colleges. The administration has also made it easier for permanently disabled borrowers to receive debt relief as well as public sector workers.

The new announcement brings the total student loan debt cancellation approved under the Biden administration to $25 billion since January 2021.

This story is breaking and will be updated.

The-CNN-Wire
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