University of Phoenix Reaches Landmark Agreement to Forgive Student Loans
The University of Phoenix — a for-profit college chain that has been under scrutiny for years — has reached a landmark settlement agreement with the Federal Trade Commission following accusations of unfair and deceptive practices that will result in widespread student loan forgiveness, Forbes reports.
“Too often, students would graduate from the University of Phoenix with dismal career prospects, minimal ongoing support, and a lot of student loan debt that could be impossible to repay,” writes Adams S. Minsky, a Forbes contributor. “The University allegedly specifically targeted people of color and military veterans.”
Under the settlement, the university will pay $191 million, of which $141 million will be used to forgive some student loans for certain borrowers who attended the university.
