President Joe Biden announced significant debt relief for borrowers affected by the University of Phoenix. Over $117 billion in debt relief has already been approved by the administration for more than 3.4 million borrowers. Today, an additional $37 million in debt cancelations has been announced for over 1,200 borrowers who were deceived by the University of Phoenix.
The move is a part of President Biden’s commitment to hold colleges accountable for misleading and cheating their students. The administration says it will continue to explore alternative paths to provide relief to as many borrowers as possible.
This announcement brings hope to thousands of borrowers and highlights the administration’s dedication to making the student loan system fair and more equitable.