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Biden administration cancels $5.8B in student loan debt

Friday, June 3, 2022
Kelsey Ramirez | Fox Business
Whitney Barkley-Denney

"We applaud President Biden and Vice President Harris for this move," Whitney Barkley, the Center for Responsible Lending's senior policy counsel, said. "Tens of thousands of former Corinthian students who had been defrauded by their school, and left wondering for years how they’d recover the money they lost, are now at ease. The administration now needs to immediately cancel $50,000 of student loan debt per borrower and abandon its piecemeal approach to cancellation.

"While historic, the relief provided to Corinthian students represents only a tiny fraction of students who need cancellation," Barkley said. "Millions of low-income borrowers and borrowers of color continue to carry the burden of an unforgiving student loan crisis."