The Department of Education is forgiving about $150 million in student debt belonging to some 15,000 borrowers, around half of them former attendees of the for-profit Corinthian Colleges chain, which went bankrupt in 2015. The agency announced the loan cancellation Thursday in response to a federal court order and began notifying affected students by email Friday.
Education Secretary Betsy DeVos had sought to avoid implementing a set of Obama-era "borrower defense" regulations, among them an option of loan discharges for students whose schools have closed. But a federal judge ruled against her plan in September and also rejected a similar push by for-profit colleges in October.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
'Without mandatory testing, bird flu will continue circulating at farms across the country'Instant Opinion Opinion, comment and editorials of the day
-
Thirteen missing after Red Sea tourist boat sinksSpeed Read The vessel sank near the Egyptian coastal town of Marsa Alam
-
Khan supporters converge on IslamabadSpeed Read Protesters clashing with Pakistani authorities are demanding the release of jailed former prime minister Imran Khan
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Empty-nest boomers aren't selling their big homesSpeed Read Most Americans 60 and older do not intend to move, according to a recent survey
-
Brazil accuses Musk of 'disinformation campaign'Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
-
Disney board fends off Peltz infiltration bidSpeed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
