$6 billion in Art Institute student loans approved for cancellation: 5 things to know

People walk past the Art Institute of Philadelphia operated by the Education Management Corporation on Nov. 16, 2015, in Philadelphia. The Biden administration on Wednesday said it will cancel $6 billion in student loans for people who attended the Art Institutes, a system of for-profit colleges that closed the last of its campuses in 2023 amid accusations of fraud. for students who attended the Art Institutes, a system of now-closed for-profit colleges that were the center of fraud allegations.

In total, the Biden administration says it has approved the cancellation of almost $160 billion in student loans, including through programs for public workers and those defrauded by their schools.The Department of Education says it’s taking action after reviewing evidence from the attorneys general of Massachusetts, Iowa, and Pennsylvania — which previously investigated complaints of fraud and sued the for-profit college chain.

The for-profit chain said more than 80% of its graduates found jobs in their fields of study. In reality, the education department said, the data was doctored and the rate was below 57%. The department said these tactics led students to borrow high amounts of debt for programs that didn’t pay off.Art Institute once had dozens of campuses across the country, with locations in New York, Los Angeles, and Philadelphia. It was operated for decades by Education Management Corp., which collapsed in 2018 after years of legal trouble.

Entertainment Entertainment Latest News, Entertainment Entertainment Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden administration forgives $6.1 billion in student debt for 317,000 former Art Institute studentsThe Biden administration announced that it would forgive more than $6.1 billion in student debt for 317,000 former students of the Art Institutes.
Source: CNBC - 🏆 12. / 72 Read more »

Biden administration forgives $6.1 billion in student debt for 317,000 former Art Institute studentsThe Biden administration announced that it would forgive more than $6.1 billion in student debt for 317,000 former students of the Art Institutes.
Source: NBCLA - 🏆 319. / 59 Read more »

U.S. Department of Education discharges loans for New England Institute of Art studentsAbout 3,500 Massachusetts borrowers who attended The Art Institutes are eligible for roughly $80 million in relief.
Source: WBUR - 🏆 274. / 63 Read more »

Italian Culture Ministry bans loans to Minneapolis Institute of Art over ancient statue disputeItaly’s Culture Ministry confirmed on Wednesday that it has banned loans to the Minneapolis Institute of Art because of an ongoing dispute over an ancient statue.
Source: FoxNews - 🏆 9. / 87 Read more »

Italy bans loans to Minneapolis Institute of Art because of long-running dispute over ancient statueItaly’s Ministry of Culture has banned art loans to the Minneapolis Institute of Art in the United States following a long-running dispute over an ancient marble statue believed to have been looted from Italy almost a half-century ago.
Source: AP - 🏆 728. / 51 Read more »

Cleveland Institute of Art names new Cinematheque directorBilgesu Sisman will replace John Ewing, who is retiring 40 years after co-founding the renowned repertory movie theater.
Source: clevelanddotcom - 🏆 301. / 63 Read more »