The Biden administration will cancel any outstanding student loans to students who attended Corinthian Colleges schools.
The debt cancellation will benefit approximately 560,000 borrowers and amount to $5.8 billion.
They stated that the relief should be immediate.
Borrowers won't have to complete any paperwork or apply for it.
In the next few weeks, qualified borrowers will be notified.
The Biden administration has so far approved $25 billion of loan forgiveness for 1.3million borrowers.