560,000 students from Corinthian Colleges will have student loans canceled

The Biden administration is canceling student loans for 560,000 borrowers, who attended the now-defunct Corinthian Colleges. 

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This is the largest loan forgiveness by the Department of Education, totaling $5.8 billion.

At its peak, Corinthian was one of the nation's largest for-profit college companies, with more than 100 campuses across the country. That included Heald, WyoTech, and Everest campuses, some of which were located in Texas. 

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The company shut down in 2015 amid widespread findings of fraud. Campuses were accused of falsifying data on the success of their graduates, reporting some were working in their field of study but were working at grocery stores or fast-food chains. 

Hundreds of students told federal investigators they were pressured to enroll with promises of lucrative employment, but ended up with debt and few job prospects. 

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Those who have a remaining balance on their student loan debt will get refunds on payments they have already made, Education Department officials said. 

Students who have paid off their school loans will not be eligible.