India, May 2 -- President Joe Biden has announced that his Administration is approving $6.1 billion in student debt cancellation for 317,000 borrowers who attended the Art Institutes.
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.
Borrowers who enrolled at any Art Institute campus on or after January 1, 2004, through October 16, 2017, will get the benefit of the loan waiver.
The U.S. Department of Education said it found that The Art Institutes and its parent company, Education Management Corporation, made pervasive and substantial misrepresentations to prospective students about postgr...