University of Phoenix to Cancel $141 Million of Student Debt
- 4 years ago
University of Phoenix to
Cancel $141 Million of Student Debt.
The canceled debt will apply to
students who were first enrolled at the
University of Phoenix between
Oct. 1, 2012 through the end of 2016.
The for-profit college will
cancel the debt as part of
a settlement with the Federal
Trade Commission (FTC). .
The settlement was made in
response to a complaint filed
by the FTC that alleged the college
made false claims in its advertising.
In television and radio ads during
2012 and 2013, the college claimed
that top companies such as Microsoft
aided in the creation of the school's curriculum.
Such claims were false,
described by some of the
companies cited in the
ads as "smoke and mirrors.".
Students making important decisions about their education need the facts, not fantasy job opportunities that do not exist, Andrew Smith, FTC, via NBC News.
In addition to the cancellation
of debt, the college will also
make a $50 million cash payment
as part of the settlement
Cancel $141 Million of Student Debt.
The canceled debt will apply to
students who were first enrolled at the
University of Phoenix between
Oct. 1, 2012 through the end of 2016.
The for-profit college will
cancel the debt as part of
a settlement with the Federal
Trade Commission (FTC). .
The settlement was made in
response to a complaint filed
by the FTC that alleged the college
made false claims in its advertising.
In television and radio ads during
2012 and 2013, the college claimed
that top companies such as Microsoft
aided in the creation of the school's curriculum.
Such claims were false,
described by some of the
companies cited in the
ads as "smoke and mirrors.".
Students making important decisions about their education need the facts, not fantasy job opportunities that do not exist, Andrew Smith, FTC, via NBC News.
In addition to the cancellation
of debt, the college will also
make a $50 million cash payment
as part of the settlement