The Biden Administration has approved $37 million in debt cancellation for more than 1,200 student borrowers who were deceived by the University of Phoenix.
These borrowers were cheated into believing that by attending the University of Phoenix they would have promising career prospects at Fortune 500 companies - yet those benefits and opportunities never existed.
The U.S. Department of Education announced that it will forgive nearly $37 million in federal loans for the students who enrolled at the University of Phoenix between September 21, 2012, and December 31, 2014, and applied for relief.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.