BAY AREA (KRON) — Some former Corinthian College students could get their loans forgiven following the college’s abrupt closure.
A top education official says the 16,000 Corinthian college students can have their loans forgiven. However, there is a catch. To qualify for the loan forgiveness, students will have to forgo any credits that they earned at the now-closed college.
Undersecretary Ted Mitchell says the department is bound by statute and regulation on how it handles such a case when a school closes.
Corinthian is a large chain of for-profit colleges that shuttered its 28 remaining ground campuses this week. That came less than two weeks after the department announced it was fining it $30 million for misrepresentation.
There will be a webinar at 1 p.m. Monday where former students can get information and resources on getting a closed school discharge and reimbursement through the student tuition recovery fund.Click here to get to the webinar.