Along with the U.S. Department of Education, today we announced more than $480 million in forgiveness for borrowers who took out Corinthian College’s high-cost private student loans. ECMC Group, the new owner of a number of Corinthian schools, will not operate a private student loan program for seven years and agreed to a series of new consumer protections.
As part of today’s announcement, we’re also releasing a special bulletin for current and former students enrolled at Corinthian-owned schools with more information. We urge you to read it carefully so you fully understand your options and obligations on your student loans.
If you experience difficulty with your student loan you can submit a complaint online or by calling (855) 411-2372. You can also find more information about options for repaying your student loan on our website.
Rohit Chopra is the CFPB’s Student Loan Ombudsman. To learn more about our work for students and young Americans, visit consumerfinance.gov/students.