• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026

The Government is Forgiving Thousands of Student Loan Debts

By
Jonathan Chew
Jonathan Chew
Down Arrow Button Icon
By
Jonathan Chew
Jonathan Chew
Down Arrow Button Icon
November 18, 2015, 2:11 PM ET
Photograph by Al Seib — LA Times via Getty Images
Add Fortune on Google for similar content.

More students who attended programs at Corinthian Colleges, a now-defunct for-profit education network, will be granted a reprieve on their student loan debt, according to a statement by the Department of Education on Tuesday.

The program has been expanded to include about 85,000 students who attended California-based programs at Everest University and Wyotech, and students who took Everest online courses in Florida from 2010 to 2013.

Earlier this year, the department created an expedited debt relief program for around 40,000 students at the Heald College campuses, after years of investigation into Corinthian Colleges concluded the company misrepresented job placement rates to enrolled and prospective students.

In April, the department informed Corinthian that it was being fined about $30 million for fraud. After the news, Corinthian – once one of the nation’s largest for-profit chains – announced it would close down its remaining 28 campuses, displacing roughly 16,000 students. In May, Corinthian and its 24 subsidiaries filed for bankruptcy.

The move to forgive student loan debt for those who attended the company’s campuses will not come cheap, according to the New York Times. It is estimated that if all 350,000 Corinthian students over the last five years received debt relief, that cost alone could be as much as $3.5 billion.

Overall, the Obama administration is coming down hard on for-profit education providers, where companies like Corinthian have often been accused of predatory lending and strong-arming its former students into paying back private loans. According to The Institute for College Access and Success, the average for-profit school student took on $39,950 in education loans, compared to their public and private university counterparts, who took out $25,550 and $32,300 on average, respectively.

On Monday, the Justice Department reached a $95.5 million settlement with another for-profit college provider, the Education Management Corporation, saying the company had engaged in illegal recruiting, and then lied to the government about their high-pressure tactics.

About the Author
By Jonathan Chew
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Careers

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Careers

Financial advisor presents a graph to her client.
Career HubEducation
How to become a financial advisor: 4 steps to a life-long career
By Preston ForeJanuary 2, 2025
1 year ago
Group of business people look at charts and graphs.
Career HubEducation
How to become an actuary: 4 steps to earn six figures
By Preston ForeOctober 21, 2024
2 years ago
Woman analyzes a chart with a laptop next to her.
Career HubEducation
How to become a CPA
By Preston ForeSeptember 27, 2024
2 years ago
Woman explains a concept to a woman sitting next to her.
Career HubEducation
How to become an accountant
By Preston ForeSeptember 20, 2024
2 years ago
Group of varied professionals stand looking toward the camera.
Career HubEducation
These are the nation’s fastest growing jobs—and many pay $100k
By Preston ForeSeptember 13, 2024
2 years ago
Nurse pulls cash out of the front pocket of their scrubs.
Career HubEducation
A guide to a nurse’s salary: Broken down by all 50 states and industry type
By Preston ForeAugust 7, 2024
2 years ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
2 days ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
8 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
1 day ago
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
Politics
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
1 day ago
CEO of $248 billion cybersecurity company says workers are about to face a ‘Darwinian moment’ thanks to AI: Evolve or get cut
Success
CEO of $248 billion cybersecurity company says workers are about to face a ‘Darwinian moment’ thanks to AI: Evolve or get cut
By Emma BurleighJuly 1, 2026
1 day ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.