Biden Cancels $37M in Student Loan Debt for Phoenix University Borrowers

Are you eligible for student loan debt relief related to a misleading Phoenix University ad campaign?

Yellow notebook with Student Loan Forgiveness written on it
(Image credit: Getty Images)

The Biden administration plans to cancel $37 million in student loan debt for about 1,200 students who enrolled at the University of Phoenix from Sept. 21, 2012 to Dec. 31, 2014 and applied for relief under the borrower defense loan discharge program.

Following an investigation, the Department of Education (DOE) said it found that the university’s national ad campaign misled prospective students by falsely representing its partnerships with thousands of corporations, including Fortune 500 companies such as Microsoft, Adobe and AT&T. The ads gave the impression that students would benefit from these partnerships by providing, for example, hiring preferences at those companies.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.