The University of Phoenix Is Cancelling $141 Million in Student Loan Debt

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I think I speak for the rest of us that it’d be amazing to wake up one morning and have all of our student loan debt cancelled, right? Well, for some, that is a dream come true.

It was just announced that The University of Phoenix Is Cancelling $141 Million in Student Loan Debt!

Now, as amazing as this is, it’s not happening just because the University of Phoenix is feeling generous, it’s happening because they were being sued for falsly advertising to students.

According to reports, The University of Phoenix and its parent company have agreed to pay $50 million in cash plus cancel $141 million in student debt. This is all to settle allegations of deceptive advertisement brought by the Federal Trade Commission.

An ad campaign the for-profit college had in 2012 showed partnerships with companies including Microsoft, Twitter and Adobe as a way to get students to attend the university.

The ad suggested the school worked with those companies to create job opportunities for students, even though there was no such agreement, investigators found.

Basically, they lied to get students to sign-up, obtain degrees and go into debt doing so.

So, as of yesterday, the agreement was made and now students first enrolled between Oct. 1, 2012, and the end of 2016 will have all of their remaining debt cancelled.

Students who will have debt cancelled will be receiving a letter.

If you were one of the students to attend during this time, consider yourself lucky that you aren’t forced to pay back all that money and then go have a celebratory drink.

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