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U.S. Cancels $6.1B in Loans for 317,000 Misled by Art Institutes, Other Predatory Colleges

May 1, 2024, 02:33 PM

The U.S. Department of Education has announced a significant student loan discharge, totaling over $6.1 billion for 317,000 borrowers who attended the Art Institutes, including Chicagoan LaKesha. This action comes in response to misleading practices by the institutes regarding career prospects and potential earnings post-graduation. Additionally, more than $80 million will be discharged for over 3,500 former Massachusetts borrowers who attended predatory art colleges, including the New England Institute of Art. This decision was influenced by the efforts of then-MA Attorney General Maura Healey and the Biden administration, providing what Senator Elizabeth Warren described as 'life-changing relief.' Senator Durbin emphasized the importance of ensuring no young person is again misled by the for-profit college industry.