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Debt Wiped Clean: University of Phoenix Students’ $37 Million in Biden’s Borrower Defense Move

He emphasized his administration's commitment to providing relief to eligible individuals, including University of Phoenix students, by clearing their debts. (Photo: Google)

These students were specifically targeted with deceptive advertising that falsely claimed connections with Fortune 500 companies, ultimately luring them into enrollment under false pretenses, leaving their trust betrayed and their debt wiped clean.

Students were tricked by misleading ads that falsely promised ties to Fortune 500 firms, causing them to enroll under false pretenses and, in the end, have their debts erased. (Photo: Google)

The Biden administration has unveiled a plan to have $37 million in student loan debt wiped clean for 1,200 former students of the University of Phoenix, an online for-profit institution.

According to an article published by Fox 8, the Biden administration has announced the cancellation of $37 million in student loan debt allocated to 1,200 former students of the University of Phoenix, an online for-profit institution. These students were targeted with deceptive advertising, which falsely claimed connections with Fortune 500 companies, leading them to enroll under false pretenses, ultimately leaving their debt wiped clean.

The debt forgiveness was granted through the Borrower Defense program, administered by the Education Department, designed to provide relief to students who have been defrauded by their universities. This action comes after the University of Phoenix was required to pay $191 million in 2019 to settle allegations of deceptive advertising practices, resulting in their debt wiped clean.

President Biden emphasized his commitment to protecting hardworking students and borrowers from unscrupulous colleges, pledging to hold such institutions accountable and ensure their debt wiped clean.

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Moreover, he highlighted his administration’s dedication to delivering relief to those entitled to it, including University of Phoenix attendees, with their debt wiped clean.

According to an article published by Higher ED Dive, the University of Phoenix is in the process of being acquired by a non-profit entity linked to the University of Idaho system, indicating a shift away from its for-profit model and a potential chance for students to have their debt wiped clean.

This announcement represents the latest step in the Biden administration’s efforts to address student debt through the Borrower Defense program, offering defrauded borrowers a chance to have their debt wiped clean. Since taking office, President Biden has already provided more than $14 billion in student debt relief to over 1.1 million defrauded borrowers.

Additionally, the Department of Education is actively working on broader student loan forgiveness for all borrowers, although specifics and eligibility criteria are yet to be determined and may take several months to finalize, ultimately leading to more individuals having their debt wiped clean.

READ ALSO: Texas Tax Reform: Senior And Disabled Homeowners Could See Thousands In Savings

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