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$37 million in student loan debt forgiven for defrauded borrowers 

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The Biden administration will forgive almost $37 million in student debt for over 1,200 University of Phoenix attendees, as announced on Wednesday.

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The U.S. Department of Education states that the relief will benefit those who applied for borrower defense discharges between Sept. 21, 2012, and Dec. 31, 2014.

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The borrower defense program enables students to have their federal student loans canceled if they can demonstrate they were deceived/defrauded by their educational institutions.

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The University of Phoenix's national ad campaigns falsely led students to believe that the school's partnerships with numerous corporations would enhance their job prospects.

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The Education Department alleges that these advertising efforts by the University of Phoenix were misleading.

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The federal student aid chief operating officer said, “Students who trusted the school and wanted to better their lives through education ended up with mounds of debt and useless degrees."

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The University of Phoenix has some of the nation's highest borrowing rates, as students took out nearly $484 million in loans in the 2022-2023 academic year.

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To date, the Biden administration has forgiven over $117 billion in student debt for 3.4 million borrowers.

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