The Biden administration approved the cancellation of over $6.1 billion student loan debt for 317,000 Art Institutes borrowers due to the schools' misleading practices on job placements and salaries.
President Biden emphasizes easier qualification for federal student debt relief under his administration, addressing widespread defrauding issues by colleges neglected by his predecessor.
A significant $160 billion of student loan debt for almost 4.6 million borrowers is canceled under Biden, reaching 10% of all federal student loan debt outstanding.
The Art Institutes' case is part of a trend where the borrower defense program was utilized to cancel millions of student loan debts following investigations into fraudulent activities by for-profit colleges.
#student-loan-debt #biden-administration #for-profit-colleges #borrower-defense-program #fraudulent-practices
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