Congressman Krishnamoorthi Hails Biden Administration Decision To Forgive The Debt Of Former Students Of Fraudulent Corinthian Colleges

SCHAUMBURG, IL – In response to the Education Department's newly-announced plan to forgive $5.8 billion in debt held by 560,000 former students of the defunct for-profit chain Corinthian Colleges which was known for its exploitative and deceptive practices, Congressman Raja Krishnamoorthi issued the following statement:

"I applaud the Biden Administration in its decision to forgive $5.8 billion in student debt for former Corinthian Colleges students who've borne the burden of the now-defunct for-profit chain's deceptive marketing and financial exploitation. For years, I led a comprehensive investigation through my Oversight subcommittee, which has jurisdiction over the Department of Education, and exposed rampant fraud and abuse by for-profit institutions like Corinthian Colleges that fleeced students who were yearning to obtain a quality education and build a career. We also found that the Trump Administration simply failed to crack down on the for-profit college sector, allowing predatory colleges to flourish. The news today is a culmination of advocacy from students, parents, educators, civic leaders, and members of Congress, and will bring greater accountability to higher education to protect future students and taxpayers from other bad actors."