KEY POINTS
  • Around 560,000 student loan borrowers who attended Corinthian Colleges will soon get their balances cleared, senior Biden administration officials say.
  • Formerly one of the largest for-profit education companies, the schools have been accused of predatory and unlawful practices, and faced numerous lawsuits.
Teachers line up to enter Everest College, one of the Corinthian Colleges that closed, for a meeting and opportunity to collect their personal items, in City of Industry, California, April 27, 2015.

The Biden administration plans to cancel all outstanding student loans for those who attended schools operated by Corinthian Colleges, formerly one of the largest for-profit education companies, the U.S. Department of Education announced Wednesday.

The schools have been accused of predatory and unlawful practices, and faced lawsuits from the Consumer Financial Protection Bureau as well as Vice President Kamala Harris when she was attorney general of California. The company filed for Chapter 11 bankruptcy in 2015.