President Joe Biden has approved $6.1 billion in student debt cancellation for 317,000 borrowers who attended The Art Institutes.In an announcement made on Wednesday, Biden said 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.
The move comes after the attorneys general of Iowa, Massachusetts and Pennsylvania investigated The Art Institutes and its parent company Education Management Corporation, known as EDMC, and found evidence of 'pervasive and substantial' misrepresentations to prospective students.The investigations found that the chain had misled prospective students about the rate of graduates who found jobs in their fields of study, the Education Department said.
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