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US govt cancels $72 million in student loans
The Business Guardian
|September 01, 2023
The US government has decided to cancel 72 million USD in student loans for borrowers who attended Ashford University, a former for-profit institution that the University of Arizona purchased in 2020, The Hill reported on Wednesday.
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"As the California Department of Justice proved in court, Ashford relied extensively on high-pressure and deceptive recruiting tactics to lure students," U.S. Under Secretary of Education James Kvaal said in a statement. "Today we are protecting the students who were cheated by Ashford, and we will also hold the perpetrators accountable, protect taxpayers, and deter future wrongdoing."
The Hill reported The Education Department announced that 2,300 borrowers who were allegedly misled by Ashford University will have their loans forgiven. The department also added that it planned to recoup the money from the University of Arizona.
This story is from the September 01, 2023 edition of The Business Guardian.
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