Biden forgives $4.5 billion for 261K debtors in the final significant round of student loan relief.

 Biden forgives $4.5 billion for 261K debtors in the final significant round of student loan relief.

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On Wednesday, the Biden administration authorized $4.5 billion in student loan forgiveness for 261,000 students, marking the completion of its final significant round of student loan relief.

Ashford University, a former for-profit institution that the U.S. Department of Education found made "substantial misrepresentations" to federal student loan borrowers regarding the costs and quality of its programs, was attended by the recipients of the debt cancellation. Later, the University of Arizona purchased the institution and hired Ashford's parent company, Zovio, to manage its University of Arizona Global Campus.

Through a legal argument known as borrower defense to repayment, the federal government approved the relief. Read more