Obama to cancel millions in student loans swindled by Rubio-supported Corinthian Colleges

[eridani]

http://www.dailykos.com/stories/2015/12/4/1456936/-Obama-to-cancel-millions-in-student-loans-swindled-by-Rubio-supported-Corinthian-Colleges

Corinthia College Inc. is the bankrupted and criminal organization that Marco Rubio was defending just this past year, probably because he got a boatload of money from them in campaign organizations. Over the past 10 years it has come to light—through numerous lawsuits and state and federal investigations—that untold billions of dollars has been swindled out of student and taxpayers’ pockets by this private educational company. Earlier this year the Obama administration forgave almost half a billion dollars in federal student loans that were fraudulently acquired and today it’s being reported

that further cancelations of federal student loans are coming.

The move marks the first recent use of a little-utilized provision in federal law that gives student debtors the right to petition the Education Department to discharge their debt in cases where they were defrauded into taking out loans.

The debt forgiveness plan only affects 1 percent of the roughly 125,000 student debtors who are eligible for expedited debt cancellation. That comes to about 2 percent of the students' nearly $1.3 billion in combined loan balances. The department said in June and November that those borrowers were eligible for immediate loan relief after determining that Corinthian had likely defrauded the former students by advertising false job placement rates.

[davidpdx]

1. Hope he cancels many more.