Obama To Cancel Debts Owed By Defrauded For-Profit College Students

By Shahien Nasiripour - Chief Financial and Regulatory Correspondent - The Huffington Post

The U.S. Department of Education will cancel $27.8 million in federal student loans owed by some 1,300 former students of defunct for-profit school chain Corinthian Colleges Inc. after determining that the students were swindled into taking on the debt, according to a government report released Thursday.