Biden administration forgives $37 million in student debt for defrauded borrowers

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The Biden administration announced it would cancel nearly $37 million in student debt for over 1,200 students who attended the University of Phoenix.

in 2019. The FTC had obtained internal emails, as well as advertisement materials and recorded phone calls with prospective Phoenix students.

Impacted borrowers will be notified in early October of the relief, and should see any remaining loan balances canceled. Payments made on these loans will be refunded.

 

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