President Joe Biden has approved a $6.1 billion student debt cancellation plan for 317,000 students who attended The Art Institute.
Biden announced on Wednesday that this school "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.
The government exercised its authority through the borrower defense to repayment program
a federal student loan program that assists students whose colleges violated specific statutes in obtaining debt relief.
The relocation affects students who attended The Art Institutes between January 1, 2004 and October 16, 2017.
Last year, the for-profit college chain shuttered due to fraud claims.
Department, the investigations revealed that the chain misled prospective students regarding the rate of graduates finding jobs in their fields of study.