The Biden administration is canceling nearly $37 million of federal student loan debt for more than 1,200 borrowers who attended the University of Phoenix because it found that the for-profit school misled students about job prospects.
Taking a narrower approach to student debt forgiveness, the Biden administration has continued to cancel some borrowers’ debts under existing programs after the Supreme Court blocked its broad student loan forgiveness program that promised to forgive up to $20,000 for low- and middle-income borrowers.
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