RALEIGH, N.C. (WNCN) — Tens of thousands of North Carolinians who borrowed money to attend the disgraced for-profit Corinthian Colleges chain will automatically have more than $140 million in student loan debt forgiven, Attorney General Josh Stein said.
Stein issued a statement Thursday following the U.S. Department of Education’s announcement that it would forgive all remaining federal student loans for people who attended any college run by the now-defunct chain from 1995-2015.
The federal government will erase $5.8 billion in debt for more than 560,000 borrowers across the nation — including 12,470 borrowers in North Carolina.
“Thousands of North Carolinians lost money and were unable to achieve their career goals when Corinthian defrauded its students,” Stein said. “The students invested in their education but this predatory, for-profit school misrepresented their chances of success. Canceling these loans will give these student borrowers a fresh start at building a successful future unburdened by unfair debt.”
Stein in 2018 filed a brief in support of students defrauded by Corinthian, which at its peak was one of the nation’s largest for-profit college companies, with more than 100 campuses across the country.