Biden administration forgives $37 million in student debt for defrauded borrowers
Headline from NBC 5 Dallas-Fort Worth
The Biden administration announced it would cancel nearly $37 million in student debt for over 1,200 students who attended the University of Phoenix.
NBC 5 Dallas-Fort Worth's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Washington (CNN) — The Biden administration is canceling nearly $37 million of federal student loan debt for more than 1,200 borrowers who attended the University of Phoenix because it found that the for-profit school misled students about job prospects.
The forgiveness is a result of the university lying to students about its relationships with Fortune 500 companies as a recruiting method, according to the FTC.
President Biden said Wednesday he is canceling $37 million in debt for more than 1,000 borrowers who attended the University of Phoenix, a prominent online college.