AG Josh Stein announces $142M in loan cancellations for more than 12,000 NC borrowers
North Carolina Attorney General Josh Stein released the following statement Thursday after the U.S. Department of Education announced it would discharge 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 nation, 560,000 borrowers will receive $5.8 billion in relief. Borrowers who are eligible for this loan relief do not have to take any action – the cancellation will be automatically applied.
“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. 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 unburdened by unfair debt.”
State attorneys general helped uncover widespread misconduct at the schools, which closed in 2015, and Stein fought for loan relief for Corinthian’s students.