Biden cancels $37 million in student debt over University of Phoenix claims

Mr. Biden said the borrowers were “cheated into believing” that their enrollment would lead to promising careers at Fortune 500 companies.

The Department of Education, in reviewing Phoenix, found a national campaign that touted partnerships, including preferential hiring, at Fortune 500 companies, but did not provide any benefit to enrollees. “The University of Phoenix brazenly deceived prospective students with false ads to get them to enroll,” Federal Student Aid Chief Operating Officer Richard Cordray said. “Students who trusted the school and wanted to better their lives through education ended up with mounds of debt and useless degrees.”

Mr. Biden has made student debt relief a signature issue. He says college costs are out of control and young Americans need relief, though critics say he is pandering to young voters and — in some cases — expecting blue-collar workers to subsidize college-educated Americans through their tax dollars.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Biden administration to cancel $37 million in debt for borrowers who attended the University of PhoenixRoughly 1,200 former University of Phoenix students are eligible for the relief
Source: MarketWatch - 🏆 3. / 97 Read more »

Biden administration forgives $37 million in student debt for defrauded borrowersThe Biden administration announced it would cancel nearly $37 million in student debt for over 1,200 students who attended the University of Phoenix.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »