Biden cancels loans worth $6 billion of students from 'Art Institutes'

WASHINGTON, D.C.: This week, the administration of President Joe Biden said it will cancel student loans worth US$6 billion for graduates of a system of a for-profit chain of colleges that fully closed in 2023 amid accusations of fraud, known as the "Art Institutes."

The Education Department said the chain lured students with "pervasive" lies and is invoking its power to cancel student loans for misled borrowers