Biden cancels student loans for art students as total cost of forgiveness could exceed $1 trillion

Published May 1, 2024 6:00am ET



The Biden administration has announced another round of canceled student loans, this time for $6.1 billion for 317,000 former students of the 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 prepared statement.

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