Biden Administration Forgives $4.5 Billion in Student Loans for Former Ashford University Students
The Biden administration erases loans for 261,000 borrowers from Ashford University, citing deceptive practices that misled students about costs and outcomes.
CNBCBiden forgives $4.5 billion for 261,000 borrowers who attended Ashford University
The HillBiden forgives $4.5B for 261,000 borrowers in final student loan action
Associated PressBiden administration cancels loans for 260,000 former Ashford University students
Business Insider261,000 more student-loan borrowers get $4.5 billion in debt cancellation in Biden's final days in office
Overview
In a significant move, the Biden administration has announced the forgiveness of $4.5 billion in student loans for over 261,000 former students of the now-defunct Ashford University. This action follows judicial findings of widespread deception by the institution regarding costs, accreditation, and graduation rates. The relief applies to borrowings made between March 2009 and April 2020, affecting those who did not individually apply for debt relief. Overall, the Biden administration has forgiven over $183 billion in student loans, marking a historic level of debt relief for affected borrowers.
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