With President Biden reportedly hemming and hawing over whether or not to forgive a measly $10,000 in student loans per person — a drop in the bucket of a nearly $2 trillion debt crisis in this country — his administration is trumpeting a recent decision to discharge nearly $6 billion in loans to the hundreds of thousands of former students of the for-profit Corinthian Colleges system.
In a press release issued late Wednesday evening, the Department of Education announced it had approved the erasure of “all remaining federal student loans borrowed to attend any campus owned or operated by Corinthian Colleges Inc. (Corinthian) from its founding in 1995 through its closure in April 2015,” including for people who hadn’t even applied to have their loans forgiven yet. According to the release, this move — affecting some 560,000 borrowers to the sum of $5.8 billion dollars — is the largest single action of its kind of the Education Department’s history.
