The US Department of Education has canceled $6 billion in federal loans for students who were scammed by the for-profit college company Corinthian, Vice President Kamala Harris said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 02nd June, 2022) The US Department of education has canceled $6 billion in Federal loans for students who were scammed by the for-profit college company Corinthian, Vice President Kamala Harris said on Thursday.
"I am proud to announce, together with the leaders on the stage that the Department of Education will cancel all remaining federal student loans for former Corinthian students," Harris said during a press conference. "This will benefit more than half a million people who still have loans, and it will add up to almost $6 billion in debt relief for former students."
The move by the Biden administration will benefit some 560,000 former Corinthian students, according to the Education Department.
Corinthian has been under multiple investigations over allegations that the company exploited students.
The Education Department said in a statement that Corinthian engaged in widespread and pervasive misrepresentations of student employment prospects and provided students with misstatements about whether they would be able to transfer credits.
In addition, Corinthian falsified public job placement rates, the statement added.
