Photo: whitehouse-gov
Today, my administration is approving $6.1 billion in student debt forgiveness for 317,000 borrowers who attended art institutes. This institution falsified data, knowingly misled students, and deceived borrowers into taking on debt without leading to promising career prospects at the end of their studies.
While my predecessor looked the other way when colleges cheated students and borrowers, I promised to take it on directly to give borrowers the relief they need and deserve. Over the past three years, my administration has approved nearly $29 billion in debt relief for 1.6 million borrowers whose colleges abused them, abruptly closed them, or were subject to related court settlements, whereas before I took office, there were only 53,500 borrowers who ever had their debt forgiven through these types of measures. And in total, through various actions, we have approved debt relief for nearly 4.6 million Americans.
Today's announcement builds on everything we've done to fix broken student loan programs and make higher education more affordable. This includes: the largest increase in the Pell Grant cap in a decade, fixing public service loan forgiveness and income-driven repayment so borrowers get the relief they are entitled to under the law, launching the SAVE plan - the most affordable repayment plan in history, and continuing new plans that, combined with everything we've done so far, would forgive student debt for more than 30 million Americans.
We will never stop fighting to bring relief to borrowers, hold bad actors accountable, and bring the promise of education to more Americans.
whitehouse.gov/gnews.cz-JaV_07
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