For-Profit College That Allegedly Conned Students Will Forgive $480 Million In Debts

Students who were bilked into taking abusive high-interest student loans out from a leading for-profit college company will get some significant relief , the Consumer Financial Protection Bureau announced Tuesday. A total of $480 million in debt will ultimately be forgiven under the arrangement and 40 percent of the amount will be forgiven immediately for people who took out private loans from Corinthian Colleges' so-called "Genesis" program.



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