Biden To Cancel , $5.8 Billion in Debt , for Former Corinthian College Students.br Fox News reports that the Biden administration has said it will cancel federal student loans for borrowers who attended the for-profit Corinthian Colleges.br Fox News reports that the Biden administration has said it will cancel federal student loans for borrowers who attended the for-profit Corinthian Colleges.br The decision will reportedly help br some 560,000 students who attended br the now-defunct school chain.br The decision will reportedly help br some 560,000 students who attended br the now-defunct school chain.br It is the largest action br of its kind in the history br of the Department of Education.br As of today, every student deceived, br defrauded and driven into debt by br Corinthian Colleges can rest assured br that the Biden-Harris Administration br has their back and will discharge br their federal student loans, Miguel Cardona, Education Secretary, via Fox News.br As of today, every student deceived, br defrauded and driven into debt by br Corinthian Colleges can rest assured br that the Biden-Harris Administration br has their back and will discharge br their federal student loans, Miguel Cardona, Education Secretary, via Fox News.br For far too long, Corinthian engaged br in the wholesale financial exploitation br of students, misleading them into taking br on more and more debt to pay br for promises they would never keep, Miguel Cardona, Education Secretary, via Fox News.br According to Education Department officials, br borrowers will also receive refunds for payments already made on their student loans.br At one time, Corinthian was one br of the largest for-profit college br companies in the United States.br According to Fox News, the companybr shut down amid widespread br evidence of fraud in 2015.br An investigation under the Obama br administration found that numerous campuses br were falsifying data on the success of graduates. .br An investigation under the Obama br administration found that numerous campuses br were falsifying data on the success of graduates. .br Fox News reports that the current move by the br Biden administration comes as the president considers taking broader actions on student loan forgiveness. .br Fox News reports that the current move by the br Biden administration comes as the president considers taking broader actions on student loan forgiveness.