Giving Compass' Take:

· According to EdSource, a number of students enrolled in for-profit colleges during the time of their closure may be eligible to cancel their federal student loans. Although this is great news for student borrowers, a number of eligible individuals may be unaware of the opportunity.

· What can be done to inform eligible student borrowers of this opportunity? 

· How would canceling student loan debt affect the U.S. economy? Find out here.

The large number of California students who attended for-profit colleges at the time of their closure suggests many more may be eligible for student loan debt relief than have applied under the federal government’s current policy, an EdSource analysis shows.

The process for student borrowers to cancel their federal education loan debts was created amid a series of lawsuits against Corinthian Colleges Inc. that forced the California-based for-profit college chain into bankruptcy and closure in 2015.

In June, California Attorney General Xavier Becerra negotiated a $67 million dealwith one of Corinthian’s loan servicers, Balboa Student Loan Trust, to provide debt relief to nearly 35,000 former students.

Enrollments at for-profit colleges during campus closures since 2009 indicate that many more students may be eligible for debt relief under current federal rules. Between 2009 and 2017, 90,307 students were enrolled at California-based for-profit campuses during the year of their closure, reflecting the vast scale of potential claims for debt cancellation.

Read the full article about canceling federal student loans by Solomon Moore at EdSource.