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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 ...
The Biden administration is erasing $6.1 billion in federal student debt for 317,000 former attendees of The Art Institutes, a defunct for-profit chain of art colleges, officials announced Wednesday.
On Wednesday, the Biden administration announced that it was canceling $6.1 billion in student loan debt for people enrolled at any Art Institute from January 2004 through October 2017 — 317,000 ...
The chain's tactics led borrowers to borrow high amounts of debt for programs that didn't pay off, the department said. “The Art Institutes preyed on the hopes of students attempting to better their lives through education,” said Richard Cordray, chief operating officer of the Education Department's Federal Student Aid office.
The Art Institutes faced accreditation and legal issues and student loan debtors have appealed to the US Department of Education for debt cancellation through defense to repayment claims. These efforts are premised on allegations they were defrauded.
In May 2015, EDMC was planning on closing in The Art Institute of California, Silicon Valley, a branch campus of Argosy University. [29] In November 2015, Argosy's parent company agreed to forgive more than $100 million of student loan debt to settle claims it violated consumer protection laws. [30] In 2016, Argosy, Seattle stopped taking new ...
The Biden administration said Wednesday that it has approved the cancellation of more than $6.1 billion in student loan debt held by 317,000 borrowers who previously attended The Art Institutes, a ...
In 2017, EDMC reported that it had sold the existing Art Institutes to The Dream Center Foundation, a Los Angeles-based Pentecostal organization. [63] [64] The sale was complete in October 2017. [65] In 2017, EDMC reported 109 locations, but more than 40 Brown Mackie Colleges and Art Institutes schools were in the process of closing at that ...