The Biden administration announced that it would forgive more than $6.1 billion in student debt for 317,000 former students of The Art Institutes, the once-giant chain of for-profit schools.
Eligible borrowers will get the forgiveness automatically, whether or not they went through the formal process for loan relief for defrauded borrowers.will go to borrowers who enrolled at any of the dozens of Art Institute campuses across the country between Jan. 1, 2004 and Oct. 16, 2017. "We must continue to protect borrowers from predatory institutions — and work toward a higher education system that is affordable to students and taxpayers," Cardona added."For example, according to a former employee, one Art Institute campus included professional tennis player Serena Williams' annual income to 'skew the statistics and overinflate potential program salaries,'" the department said.
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