Biden's Administration Erases $37 Million in Student Loan Debt for University of Phoenix Students

The Biden administration is canceling nearly $37 million in federal student loan debt for over 1,200 borrowers who attended the University of Phoenix, citing the for-profit school's misleading of students about job prospects. This targeted approach to debt forgiveness comes after the Supreme Court blocked the administration's broader student loan forgiveness program. Since 2021, the administration has canceled over $117 billion of the nearly $1.7 trillion of outstanding federal student loan debt. Eligible borrowers will be notified by early October, and their loans will be put in forbearance until officially canceled. Other affected students can still apply for debt relief under the borrower defense program.