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President Biden has announced the forgiveness of over $6.1 billion in student loan debt for 317,000 borrowers who attended The Art Institutes, a school system accused of false data and misleading students. The relief applies to students enrolled between 2004 and 2017. The Department of Education found the school made substantial misrepresentations to students. Eligible borrowers will be notified, including those who haven’t applied for forgiveness, and will receive refunds for previous payments. This forgiveness adds to a total of $160 billion forgiven by the Biden Administration for almost 4.6 million borrowers. Each borrower on average will receive about $19,000.
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