Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Education Secretary Betsy DeVos. (Photo: Bloomberg)

Student loan borrowers got good news when the Department of Education announced on Thursday it would cancel loans for 15,000 borrowers who were unable to graduate because their for-profit school had closed or they had withdrawn from school before the closure.

The decision by the DOE affects about $150 million in federal student loan debt and is a result of a federal district court case that the DOE lost. About half of the students affected had attended Corinthian Colleges, which failed in 2015, leaving thousands of students with millions of dollars in debt.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Dig Deeper


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.