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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 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.
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.
[6] [7] [8] The student debt group "I Am Ai" has acted as a support group for students and former students of the Art Institutes, offering advice about debt cancellation. [9] All remaining Art Institute schools closed on September 30, 2023.
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 ...
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 ...
While campaigning for president in 2020, Joe Biden promised to cancel up to $10,000 of federal student loan debt per borrower. [1] After being elected president, Biden called for the 117th U.S. Congress to pass a bill to facilitate $10,000 in student loan forgiveness.