Biden administration forgives $37 million in student debt for defrauded borrowers
The Biden administration announced it would cancel nearly $37 million in student debt for over 1,200 students who attended the University of Phoenix.
Once Again It Pays to be a Stupid Moron in jo biden's America
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FTC got them to pay a settlement for fraud for 191 million dollars and you are mad about forgiving 37 million in debt for the victims of that fraud.
Federal government is still 154 million ahead on the deal.
Federal government is still 154 million ahead on the deal.
If this thread title is true. OP must be extremely wealthy. Scrooge McDuck type rich.
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The Biden administration announced on Wednesday that it would cancel nearly $37 million in student debt for over 1,200 students who attended the University of Phoenix.
The University of Phoenix’s national ad campaigns misled students by making them believe their job prospects would be improved by the school’s partnerships with thousands of corporations, including Fortune 500 companies, the Education Dept. said.
University of Phoenix Chicago Campus
A sign marks the location of the University of Phoenix Chicago Campus in Schaumburg, Illinois.
Getty Images
The Biden administration announced on Wednesday that it would cancel nearly $37 million in student debt for more than 1,200 students who attended the University of Phoenix.
The relief will go to many borrowers who applied for borrower defense discharges between Sept. 21, 2012 and Dec. 31, 2014, according to the U.S. Department of Education. The borrower defense program allows borrowers who can prove they’ve been misled or defrauded by their schools to get their federal student loans voided.
The University of Phoenix’s national ad campaigns misled students by making them believe their job prospects would be improved by the school’s partnerships with thousands of corporations, including Fortune 500 companies, the Education Dept. said.
“The University of Phoenix brazenly deceived prospective students with false ads to get them to enroll,” said Richard Cordray, the federal student aid chief operating officer.
“Students who trusted the school and wanted to better their lives through education ended up with mounds of debt and useless degrees,” he said.
The University of Phoenix did not immediately respond to a request for comment.
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The Federal Trade Commission also provided evidence from its multi-year investigation into the University of Phoenix that resulted in a $191 million settlement in 2019. The FTC had obtained internal emails, as well as advertisement materials and recorded phone calls with prospective Phoenix students.
“Phoenix management was aware that the corporate relationships the school claimed to have did not exist,” the Education Dept. said. “One senior vice president at Phoenix described one of the advertisements in question as ‘smoke & mirrors'
The University of Phoenix’s national ad campaigns misled students by making them believe their job prospects would be improved by the school’s partnerships with thousands of corporations, including Fortune 500 companies, the Education Dept. said.
University of Phoenix Chicago Campus
A sign marks the location of the University of Phoenix Chicago Campus in Schaumburg, Illinois.
Getty Images
The Biden administration announced on Wednesday that it would cancel nearly $37 million in student debt for more than 1,200 students who attended the University of Phoenix.
The relief will go to many borrowers who applied for borrower defense discharges between Sept. 21, 2012 and Dec. 31, 2014, according to the U.S. Department of Education. The borrower defense program allows borrowers who can prove they’ve been misled or defrauded by their schools to get their federal student loans voided.
The University of Phoenix’s national ad campaigns misled students by making them believe their job prospects would be improved by the school’s partnerships with thousands of corporations, including Fortune 500 companies, the Education Dept. said.
“The University of Phoenix brazenly deceived prospective students with false ads to get them to enroll,” said Richard Cordray, the federal student aid chief operating officer.
“Students who trusted the school and wanted to better their lives through education ended up with mounds of debt and useless degrees,” he said.
The University of Phoenix did not immediately respond to a request for comment.
More from Personal Finance:
IRS halts processing of a small business tax break
Does your business qualify for the employee retention credit?
House scrutinizes pandemic-era small business tax break
The Federal Trade Commission also provided evidence from its multi-year investigation into the University of Phoenix that resulted in a $191 million settlement in 2019. The FTC had obtained internal emails, as well as advertisement materials and recorded phone calls with prospective Phoenix students.
“Phoenix management was aware that the corporate relationships the school claimed to have did not exist,” the Education Dept. said. “One senior vice president at Phoenix described one of the advertisements in question as ‘smoke & mirrors'
Reminds me of Trump University.Biden administration forgives $37 million in student debt for defrauded borrowers
The Biden administration announced it would cancel nearly $37 million in student debt for over 1,200 students who attended the University of Phoenix.www.cnbc.com
I fail to see the controversy on this one.
OP is just pissed he's still on the hook to pay for his U of Phoenix degree.
The op subject was fake Universities attended by rubes.
