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Richard Cordray
Corinthian students to get $480 million relief from 'predatory' loans
Corinthian students to get $480 million relief from 'predatory' loans

Students who took out private loans while attending schools owned by the for-profit Corinthian Colleges Inc. will be eligible for 40% reductions in their loan balances. The U.S. Consumer Financial Protection Bureau announced the private student loan relief program, totaling more than $480 million, as part of an ongoing lawsuit that branded Corinthian's lending programs an "illegal predatory lending scheme." The consumer protection agency first filed suit against Corinthian in September, alleging that its schools pushed students into high-interest loans and harassed them into repaying debts while in school, sometimes preventing them from graduating. Nearly 60% of...

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