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On June 2, The Biden administration revealed its plans to cancel outstanding student loans for people who attended schools that fall under the list of Corinthian Colleges.
U.S. Secretary of Education Miguel Cardona had made this announcement. For a long time, there had been rumors that the Biden administration was trying to cancel loans for some of the students. However, no official confirmation was announced until recently.
As per CNBC, the relief will be automatic, which means, the students will not have to do any paperwork or apply online.
As per the State of California Department of Justice, Corinthian Colleges were a for-profit company that offered postsecondary education to certain college students. These colleges included Everest, Heald, and WyoTech.
All of these colleges operated 23 campuses throughout California and online. Thousands of students had been enrolled in these colleges with the hopes of landing a job. However, in 2015, the company filed for bankruptcy, leaving several people in debt.
Former students may be eligible for debt relief depending on the situation they were in. This is further explained below:
To find out if you are eligible for Borrower Defense to Repayment, you can visit the US Department of Education Corinthian information page by clicking on the link here.
To find out if you are eligible for Closed School Discharge, click on the link here. Lastly, to find out more information about Student Tuition Recovery Fund (STRF), click here.
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