$142M in loan cancellations for more than 12,000 NC borrowers
Over 12,000 NC student loan borrowers from the Corinthian College have a good reason to be overwhelmed with joy. North Carolina Attorney General Josh Stein released the following statement last week after the U.S. Department of Education announced it would cancel all remaining federal student loans for students who attended any college run by Corinthian Colleges. In North Carolina, 12,470 borrowers will receive a total of $142.1 million in loan relief. Across the United States a total of 560,000 borrowers will receive $5.8 billion in relief.
After conducting a detail investigation, Thousands of North Carolinians lost money and were unable to achieve their career goals when Corinthian defrauded its students. The students invested in their education but this predatory, for-profit school misrepresented their chances of success. The North Carolina Attorney General went on to say, “I’ve been fighting on behalf of these student victims for years, and I’m grateful to the Biden Administration for taking action to help them. Canceling these loans will give these student borrowers a fresh start at building a successful future without being burdened by unfair debt.”
What are the next steps former Corinthian College Students need to do?
Borrowers who are eligible for this loan relief do not have to take any action – the cancellation will be automatically applied.
The million-dollar question is, will the Federal Government cancel student loan debt for all borrowers across the United States since some reports show canceling student loan debt does not add to the inflation issue.