The White House has announced the cancellation of billions of dollars in federal student loan debt for students who attended the now-defunct Corinthian Colleges chain in what is the largest loan elimination in the Department of Education’s history.The sweeping move will erase a whopping $5.8 billion for 560,000 borrowers who attended the schools from 1995, when it was founded, to 2015 when it collapsed, the DOE said Wednesday.The for-profit Corinthian Colleges shut down after the Obama administration discovered widespread fraud, including multiple campuses falsifying data on the success of their graduates.
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