Biden Cancels $6.1 Billion in Debt for Former Art Institute Students

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The Biden administration on Wednesday canceled more than $6 billion in student debt for 317,000 people who attended the Art Institutes, a now-defunct network of for-profit colleges that President Biden said “knowingly misled” students. After a review of lawsuits brought by state attorneys general against the schools and their parent company, Education Management Corporation, the Education Department found that the Art Institutes falsified job placement figures in advertisements and misled prospective students with inflated salary expectations. In one case the department highlighted, an Art Institute campus in Florida appeared to have included the tennis star Serena Williams’s annual income in its graduate salary projections after she had attended classes there. “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,” President Biden said in a statement.