On March 18, the Biden administration's Department of Education announced that it will cancel $1 billion in federal student loan debt held by 72,000 borrowers who were defrauded by for-profit universities. These students received subprime educations and worthless degrees, and then were burdened with debt often in the tens of thousands of dollars—all while predatory companies and their investors made millions.
The only reason this debt is now being cancelled is because debtors got organized. In 2015, students from for-profit, now defunct Corinthian Colleges Inc. launched the country's first student debt strike, refusing to pay their loans because they had been scammed by their school.
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