The Department of Education found that the schools misled prospective students about graduates' job placement rates and average salaries.As the November election approaches, President Joe Biden has been touting how it has become easier for many borrowers to qualify for federal student debt relief since he took office. The administration has been sending emails directly to those who are newly eligible.
Wednesday's announcement is one of the biggest group discharges made under the borrower defense program and follows multiple investigations by attorney general offices in Iowa, Massachusetts and Pennsylvania into The Art Institutes and its parent company Education Management Corporation, known as EDMC.
The Department of Education said it would take immediate steps to pause impacted loans so that borrowers will not need to make payments during the time needed for loan servicers to process the discharge. The debt will also be removed from borrowers' credit reports.
The Department of Education is also conducting a recount of past payments to fix administrative errors, bringing some people closer to debt relief.
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