The Biden administration is canceling $6.1 billion in student loan debt for borrowers who attended the Art Institutes, which closed its campuses last fall amid allegations of fraud.
The U.S. Department of Education said an investigation into the for-profit chain of schools and its parent company, Education Management Corporation, found they misled students about the success of its graduates, postgrad salaries and career services. Former school officials testified that school personnel also made up graduate salaries and earnings that were advertised to potential students, the department said.
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Biden forgives more than $6 billion in loans for 317,000 Art Institutes studentsPresident Biden announced the relief for attendees of the now-shuttered art schools, saying they 'falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt.'
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Former students of the for-profit Art Institutes are approved for $6 billion in loan cancellationGordon Severson shares strategies to help parents and students save for college. The accounts that can help you save on taxes plus the changes in financial aid.
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