FCI Staff Writer Sacramento 
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June 4, 2022,
It is a process.
Life gives it and can take it away.
The take it away part is usually viewed as painful but one category would never be painful.
Instead, if it were taken away, a person would breathe a great sigh of relief.
Jump for joy.
Have a party.
About what?
Student loan forgiveness. Take it away. Right now.
It is a process that is already starting.
As reported on June, 2022 by the informative political news and information source thehill.com posted, “The Biden administration is planning to discharge all outstanding federal student loans borrowed by former Corinthian Colleges students, providing $5.8 billion in loan cancellations to 560,000 borrowers.”
That is fantastic news. Take it away, right now.
They add that the group loan discharge applies to all former students who attended any campus owned or operated by Corinthian Colleges Inc. since the company was founded in 1995 through its closure in 2015.
Corinthian Colleges, Inc. (CCi) was a large for-profit post-secondary education company in North America.
Its subsidiaries offered career-oriented diploma and degree programs in health care, business, criminal justice, transportation technology and maintenance, construction trades, and information technology.
Corinthian closed their campuses in Canada on February 19, 2015, after the Ontario government suspended their operating license. On April 26, 2015, following a series of legal challenges by state and federal agencies, Corinthian Colleges announced that they would cease operations at all remaining United States locations. The closure affected more than sixteen thousand students and employees.
Having been extensively investigated for fraudulent behavior by several jurisdictions, Corinthian Colleges, Inc. and twenty-four of its subsidiaries filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware on May 4, 2015.
In June 2022, the U.S. Department of Education announced that it would cancel $5.8 billion in federal student loan debt for 560,000 students who attended Corinthian.
Now we are seeing the fruits of that decision.
Just in time.
Additional good news.
Forbes Magazine (forbes.com) reports, “By targeting existing student loan relief programs for expansion and improvement, the Education Department estimates that nearly $17 billion in student debt will be cancelled for at least 725,000 borrowers — much of it automatically.”
We can feel a collective sigh of relief emanating from former college students who qualify.
Here in part, is why.
New Survey Finds 63% Of College Students Regret Taking Out A Loan
News provided by
Apr 21, 2022, 08:38 ET
New survey of more than 1600 student loan borrowers confirms:
– Nearly half have been paying on student loans for more than 10 years
– 22% say that student loan debt has impacted their mental health
– 28% said that student debt is a barrier to owning a home
JACKSON, Wyo., April 21, 2022 /PRNewswire/ — Sixty-three percent of people regret taking out a student loan, according to a new survey from Givling, the patented crowdfunding trivia game that helps users eliminate debt. The survey of more than 1600 student loan borrowers across the US revealed that nearly half have been paying on student loans for more than 10 years and more than a quarter said they currently carry more than $70,000 in student loan debt. Twenty-seven percent of respondents said that the ROI just isn’t enough to justify the debt.
“The student debt crisis has surged 144% over the past decade, forcing 45 million Americans to shoulder more than $1.5 trillion in loans,” said Laurie Farros, president of Givling. “While programs like PSLF certainly help, unfortunately they don’t go far enough. Through Givling, we found a creative way to provide some relief to those who are weighed down by hefty student loan bills – not to mention years of financial stress.”
Key findings from Givling’s Student Debt Lookback Survey include:
Regrets, they have a few
Seventy-two percent of people who financed their education with a student loan regret their decision. Twenty-four percent indicated that they wish they chose a different career, while 18% wish they chose a community college for part or all of their education. Twenty-two percent reveal that student loan debt is affecting their mental health.
Properties and parenthood is put on pause
The impact of student loans extends well into adulthood with borrowers delaying other parts of their life due to debt. Twenty-eight percent of those surveyed had to put off purchasing a home while 10% delayed starting a family.
Forgiveness is an option
When asked about the Department of Education’s Public Service Loan Forgiveness program, 46% say they are disappointed and that the program does not go far enough, while 20% are excited as it applies to them.
Sweet freedom is a zero balance
Forty-seven percent of borrowers have been paying on their loan(s) for more than 10 years. If the loan was forgiven today, 32% would buy a house, 11% would start a business or side hustle and 16% would treat themselves. Thirty-two percent believe the government should make college free for everyone. And, 18% said employers should step up to help their employees in erasing debt.
Dear Younger Self
If they were giving advice to their younger self, 48% would advise greater financial literacy. Twenty-four percent advise shopping around for funding options to pay for education and 24% advocate for learning how compound interest can sink you further into debt. Twenty-eight percent would suggest a hybrid approach and attend a community college before moving on to a four-year university.
According to the Federal Reserve Bank of New York, the total amount of outstanding student loans was $1.58 trillion in 2021, increasing approximately $14 billion between Q2 and Q3.
Nearly one-third of all American students now take on debt to get through college, with the average student loan debt reaching a record high of $38,792 in 2020. Givling is supporting those burdened via its unique crowdfunding app that has eliminated nearly $10 million in student loan debt to date. In addition, the passionate community has become a go-to source of information, resources and support.
About Givling’s Student Debt Lookback Survey
This survey of 1622 student loan borrowers within the United States was conducted online by Pollfish on behalf of Givling from March 22-28, 2022. For complete survey results, please contact Givling @ hailie@givling.
About Givling, Inc.
Givling, a crowdfunding trivia game, has awarded nearly $10 million to its users to reduce student loan and mortgage debt. Trivia winners are awarded cash to spend as they wish. A new user could download Givling today and be the recipient of the Free $5,000 Award or be a FreePlay Trivia Winner within a week or less. Visit givling.com to create your free account and play today!
Media Contact:
Carolyn Adams
847-867-3005
carolyn@bluerunpr.com
SOURCE Givling
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https://en.wikipedia.org/wiki/Corinthian_Colleges
https://www.forbes.com/sites/adamminsky/2022/05/11/heres-who-qualifies-for-automatic-student-loan-forgiveness-under-new-biden-programs/?sh=683d88276e2b
https://www.fciwomenswrestling2.com
https://www.fcielitecompetitor.com/
https://fciwomenswrestling.com/
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