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The Biden administration has announced a forgiveness of over $6.1 billion in student debt for 317,000 former students of The Art Institutes, due to misrepresentations made by the school about post-graduation employment rates and salaries between 2004 and 2017. The U.S. Department of Education found that the schools and its parent company, EDMC, deceived students. Eligible borrowers will receive automatic forgiveness, even if they didn’t apply for loan relief. The Art Institutes closed under new ownership in 2023 after EDMC filed for bankruptcy in 2018. Goldman Sachs, who once owned a large share of EDMC, confirmed their exit from the investment over 10 years ago.
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