Biden forgives $6.1 billion in student debt for 317,000 borrowers. Here's who qualifies for relief.
CBSN
The Biden administration is forgiving $6.1 billion in student debt for 317,000 people who attended The Art Institutes, a for-profit chain of schools that shut down last fall amid allegations of fraud.
The latest effort represents President Joe Biden's plan to tackle the nation's $1.7 trillion in student debt after the Supreme Court last year blocked his administration's plan for broad-based college loan forgiveness.
The Art Institutes, which operated branches in cities including Atlanta, Fort Worth, New York and Tampa, shut down permanently in September after the Department of Education found it had misrepresented its graduates' employment rates and salaries. Hundreds of thousands of students had taken out billions in loans to attend the schools, but "got little but lies in return," U.S. Secretary of Education Miguel Cardona said in a statement on Wednesday.
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