Higher Ed Dive – Latest News
Biden administration grants $6.1B student loan relief to 317,000 ex-Art Institutes students, pausing payments for eligible borrowers. Relief follows discovery of Education Management Corp.’s misrepresentations to prospective students. Art Institutes, once boasting over 50 locations, closed last fall after years of financial and legal issues, including inflated graduate employment metrics and exaggerated employer relationships. Total debt relief provided by Education Department stands at $28.7B for 1.6M borrowers defrauded by colleges or entitled to loan forgiveness.