Biden administration to cancel $5.8B in debt of ex-Corinthian Colleges students

BidenPresident said:
Nearly a decade after the collapse of Corinthian Colleges, 560,000 former students of the defunct for-profit chain are set to have a total of $5.8 billion in federal student loans automatically canceled, the Education Department said Wednesday.

This marks the largest group discharge of federal student loans.

https://www.washingtonpost.com/education/2022/06/01/corinthian-colleges-student-loans-forgiveness/
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is the bank getting paid by the government? is this really a "cancel"?
 
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