Paid-education The Biden administration has announced $6 billion in student loan cancellation for 317,000 borrowers who attended the for-profit Art Institutes. "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 Joe Biden said in a statement.
At its height, the chain had dozens of campuses across the country, including New York, Chicago, Miami, Philadelphia and Los Angeles. Education Management Corp., which collapsed in 2018 after years of legal trouble, operated the schools for decades. The company reached a $95.5 million settlement with the U.S. Justice Department in 2015 over allegations of illegal recruiting tactics. It then began closing campuses and later sold the remainder to another company. The final eight campuses closed last year.
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