Biden Administration Cancels $6.1 Billion in Student Loans for Art Institute Attendees

The debt forgiveness impacts 317,000 borrowers, marking a significant step in Biden's campaign promise to reduce student debt.

The Biden administration has announced the cancellation of $6.1 billion in federal student loan debt for former students of The Art Institutes.
Eligible borrowers attended the schools between 2004 and 2017, a period during which the institutions committed substantial misrepresentations.
No action is required from borrowers to receive this forgiveness, and the Education Department will also refund past payments.
This move is part of a broader effort to address debts from colleges that misled students or abruptly closed.
The Art Institutes, under previous management, exaggerated employment rates and salary data, misleading hundreds of thousands of students.