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Ayana Archie

U.S. will forgive $5.8 billion of loans to Corinthian Colleges students

Corinthian Kamala Harris Education Department

Students wait outside Everest College in Industry, Calif., in April, 2015, hoping to get their transcriptions and information on loan forgiveness and transferring credits to other schools. (Christine Armario/AP)

The U.S. Department of Education will forgive $5.8 billion of federal student loans for those who attended Corinthian Colleges, a chain of for-profit schools that deceived students about their job placement rates and students' ability to transfer credits.

It is the single largest discharge of student loans in history, according to the department.

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