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At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. In the largest instance of student loan forgiveness ever made by the government, the U.S. Department of Education last week announced that it will discharge all student loans taken out for attendance at Corinthian Colleges. Here’s what to know about this week’s student loan news. 1 current trend within student loans for the week of June 6 2022
1 Former Corinthian Colleges students to receive full federal student loan cancellation
The Education Department recently announced that students who attended any institution owned by Corinthian Colleges will be receiving . More than 500,000 former Corinthian Colleges students will have their debt discharged, with more than $5.8 billion forgiven in total. The forgiveness comes in the form of , a program designed to help students who have been defrauded by their schools. Corinthian Colleges has faced years of litigation, allegedly misleading students about their future job prospects and their ability to transfer course credits to another institution. While some debt has been discharged since the company closed in 2015, this latest action by the Education Department resolves the remaining debt for former students. How this affects student loans
Affected students don’t need to take any further action and don’t need to apply for borrower defense if they have not already done so. The Education Department will be sending out notices to students who qualify, and eligible loans will be discharged automatically in the next few months. Loan Student Key takeaway More than 500,000 former Corinthian Colleges students will receive full federal student loan discharge. Here s how you can get prepared
Whether you’re new to student loans or well into repayment, it’s wise to stay informed about how your could change. During 2022, more opportunities for cheaper loans or loan forgiveness could open up; keep an eye on the for the latest trends. SHARE: Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles