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Student loans erased for 300,000 students from school accused of fraud

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The Biden administration said it will cancel $6 billion in student loans for people who attended the Art Institutes, including in Pennsylvania.

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.

The Education Department will automatically erase loans for 317,000 people who attended any Art Institute campus between Jan. 1, 2004, and Oct. 16, 2017. The chain told prospective students that more than 80% of graduates found jobs in their fields of study, but that was largely based on doctored data, the Education Department said. The true employment rate was below 57%.

The chain’s tactics led borrowers to borrow high amounts of debt for programs that didn’t pay off, the department said.

 

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