College Loans Forgiven for Students at Some For-Profit Schools

The federal government is forgiving the debt of students who attended now-defunct Corinthian Colleges. Corinthian Colleges enrolled more than 70,000 students at more than 100 locations at one point, and it is just one example of declining for-profit colleges. Corinthian was fined $30 million for exaggerating job placement rates, which some called a form of fraud. The government could be swallowing more than $3.5 billion in debt in this deal. The University of Phoenix's enrollment has dropped by more than 50% since 2010.