We are here to mark a milestone,
a journey for justice for everyone who was defrauded by
Corinthian Colleges.
Students who simply wanted to better their prospects in life
and instead found themselves taken advantage of by a scam
that took their money and gave them nothing in return
except heartache.
Students came forward and shared their stories with us.
Advocates, many of you and many members of Congress fought
on their behalf.
And we sued.
And Corinthian was shut down.
So I am proud to announce,
together with the leaders on this stage,
that the Department of Education will cancel all remaining federal
student loans for former Corinthian students.
And this will benefit more than half a million people
who still have loans.
And it will add up to almost $6 billion in
debt relief for former students.
And of course, we all know that's real money.
In the pockets of real people who have faced,
over these years significant debt,
many of whom are still struggling to make ends meet
as costs have gone up.