WASHINGTON, D.C. -- The Biden administration on Wednesday announced it has approved more than $6.1 billion in student loan relief for about 317,000 borrowers.
The Department filed lawsuits against The Art Institutes and EDMC after conducting multi-year investigations and reviewing evidence provided by the attorneys general offices of Iowa, Massachusetts and Pennsylvania. In its investigations, the Department found The Art Institutes inflated its post-graduation employment rates and advertised inaccurate average salaries for graduates.
“This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” President Joe Biden said in. “While my predecessor looked the other way when colleges defrauded students and borrowers, I promised to take this on directly to provide borrowers with the relief they need and deserve.