FILE - People walk past the Art Institute of Philadelphia operated by the Education Management Corporation on Nov. 16, 2015, in Philadelphia. The Biden administration on Wednesday said it will cancel $6 billion in student loans for people who attended the Art Institutes, a system of for-profit colleges that closed the last of its campuses in 2023 amid accusations of fraud.
According to the department's findings, the chain misled students about the success of graduates and about employment partnerships that would help students find jobs. One campus included the annual salary of tennis star Serena Williams to skew the average salary, investigators found. Williams studied fashion at the Art Institute of Fort Lauderdale, Florida.
On Wednesday, the Education Department will start emailing borrowers who will get their loans canceled. They won't need to take any action, and payments already made on the loans will be refunded.
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