As college graduates wait to see whether President Joe Biden will wipe out some of their student loan debt, his administration is taking a more limited step to address a fraud scandal at Corinthian Colleges, a for-profit chain that collapsed nearly a decade ago.Anyone who enrolled in the company’s schools will have his or her federal student debt erased, clearing away $5.8bn for more than 560,000 borrowers — the largest single loan discharge ever, according to the Department of Education.Vice President Kamala Harris on Thursday called it a milestone in “a journey for justice for everyone who was defrauded” and will “put real money in the pockets of real people.” She made only a brief reference to lingering questions about the next steps on student loan debt. “As a nation, we have a lot more work to do on these issues,” she said.
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