The Biden Administration will Administer widespread Relief for former Corinthian Colleges Students. A move that Progressives see as inching towards their goal of broader Student Loan Debt Forgiveness. Vice President Harris will attend an Event around the announcement during Thursday afternoon.
The impending action could touch several hundred thousand Borrowers that attended the now Defunct For-Profit Chain and could include as much as $10 billion to $20 billion in Collective Debt, according to an Internal Estimate by an Independent Agency.
Corinthian Colleges shut down in 2015 after it faced Multiple Investigations and Lawsuits for Defrauding Students out of millions in Federally backed Loans. Since then, Advocates like Sen. Elizabeth Warren (D-MA) have called on the Education Department to provide Relief to former Students who faced some form of Debt Collection.
One source says Advocates plan to use the Declaration to “build momentum” for Larger-Scale Student Debt Cancellation and to Promote the Role Grassroots Politics is playing to generate results during Biden’s First Term in Office. “Activism did this,” a Second Source said.
The White House has indicated that it is nearing a Decision on Student Loan Debt Forgiveness, zeroing in on canceling $10,000 per Borrower, but has Not said that a Decision is Finalized. Several Sources said in late April that Biden was looking to Cancel at least $10,000 per Borrower, the amount the President had supported Canceling in the 2020 Campaign although Progressives have called for $50,000 per Borrower.
“Good move by the White House but need to go broader,” said a Third Democratic source in touch with Top Progressive Lawmakers in the Senate and House.
For all the excitement from outside Activists, some Democrats were already expressing Skepticism privately as the News traveled through Progressive circles Wednesday afternoon.
“Corinthian wouldn’t be viewed as a good first step. [It] would be viewed as them doing something that should have happened years ago because they were the victims of fraud,” said a Fourth Democrat working on Student Debt issues.
National Economic Council Director, Brian Deese on Tuesday, said “hasn’t made any decision on that policy” when asked about the President’s potential plan to forgive $10,000 in Student Debt.
Biden in April, extended the Pandemic Moratorium on Federal Student Loans and Interest Accrual through August. The pause on Student Loan Payments was First enacted in March 2020, under President Trump and has been extended multiple times since.
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