Biden Clears $6 Billion in Debt for Closed Art School’s Students

https://www.bloomberg.com/news/articles/2024-05-01/student-loan-forgiveness-biden-clears-6b-for-art-institutes-attendees

41 comments

  1. *From Bloomberg News reporter Akayla Gardner:*

    President Joe Biden is forgiving $6.1 billion in student loans for more than 300,000 attendees of the Art Institutes, a shuttered group of private colleges accused of fraud — the latest effort to deliver on his promise of easing student-loan debt ahead of November’s election.

    The Art Institutes once operated 50 campuses across the US, but its doors closed abruptly in September 2023. The move will provide automatic relief for 317,0000 people who enrolled in the colleges between Jan. 1, 2004 and Oct. 16, 2017.

    Biden’s action will automatically provide relief — even for those who have not yet applied for assistance. Forgiveness notices will be sent on Wednesday.

  2. Just another one of his many accomplishments that the “both sides” crowd will ignore.

  3. I have been waiting so long for this, and read that it’s for people who started in 2004. I started in Sep 2003…le sigh. Still glad to see a lot of people getting helped by this.

  4. I wonder if Le Cordon Bleu will be on the list as it’s also a now defunct school. I have my degree from there and because it’s the food industry will never make enough to pay it off.

  5. Joe, start hosting press conferences when you do something good like this.

  6. Oh my god! This is hopefully going to be me. I went to AI in 2008-2011. Finished my degree but school is now closed. Please god let this apply to me. I don’t care about the downvotes I get. This would be absolutely life changing for me.

  8. Look, I’m not an enemy of the people or anything…but if the government and American taxpayers are going to be expected to successively bail out all this college debt year after year, term after term, then the us government should have control of costs.

    If these universities are going to charge 90k a year in some cases nowadays, we shouldn’t be on the hook for these boutique educations.

  9. When a fraudulent school closes, shouldn’t the proprietors be responsible for returning the money they took from the students they defrauded?

  11. Not to be nitpicky, but didn’t the Art Institutes already settle with the Department of Education over all their fraud?

    I know in Michigan they lost a $150 million dollar lawsuit, and since then, Borrower’s Defense has cleared my wife’s Art Institute loans completely.

  12. I’m very happy about the debt relief, and I wonder if there is in parallel work ongoing to prevent students from taking out loans they probably won’t be able to pay back. That should drive down the costs of education in the first place. Anyone close to the matter has a TLDR?

  13. It’s astonishing to see Biden forgive 6 *billion* dollars in student debt only to find out that’s just for one school. Insanity.

  14. Have Republicans gone to court to block this yet? Those scumbags can’t stand to see anyone who isn’t rich get financial assistance

  16. I just don’t get how people don’t approve of this man. He is out here changing lives.

  18. I almost went to the Art Institute of Chicago (not to be confused with the School of the Art Institute) but I felt that the tuition was insane for what the programs offered and just went to a state school instead. While I’m kind of over being a graphic designer in general and regret the degree. I at least didn’t pay twice the cost to get it in the first place, which is nice.

  19. My sister should qualify for this. She went to Art Institute of Philadelphia.

  20. I went to the one in Minnesota in 2009 and transferred to Virginia due to appendicitis and getting sick after and needing to be closer to my family. I eventually left the school but paid my student loans off about 5 years ago. That school was a bs scam and I really hope people get relief from this.

  21. His clearing of debt and returning of defraud money is going to go down as one of the greatest things that a president ever did to help average Americans.

  24. I support taxes funding education because I am sick of dealing with a world full of stupid people.

  25. bUt ThAt’S nOt EverYboDy! JuST tRyiNg tO BuY oUr vOteS! wOulD’vE hApPeneD AnYwAYs!

  27. Does this apply if you refinanced from federal to private?

  28. How do you find out if you qualify? My partner went and is still paying off loans.

  29. Glad to hear this. I worked for the Art Institutes in Seattle and SF back in the early 2000s as a Career Advisor. I quit when began to understand what a total scam they were.

  30. He should clear the debt of those people that fell for the trump scam school

  31. I’m happy for them. I just wish I hadn’t been too poor to give a loan to, lol. I would have loved to go to college.

  32. More Biden administration accomplishments. Hope people are paying attention.

  33. Anyone checking in from Brooks Institute of Photography when it got bought out to just be “Brooks Institute”

  34. Well I really hope everyone who went to these colleges gets forgiveness. I however just paid off $56,000 last November. I graduated from Ai in 2013 and had been paying my loans for 10 years. I guess I should have waited. Dang it!

  35. Anyone get the notice yet? Trying to gauge when they begin going out.

  36. I was planning to go to the Arts Institute, but after the orientation and hearing the actual cost, I quickly realized the place was a scam. The teacher who recommended AI to me in high school had his eyes bugging out of his head when I told him the price per semester. Told me he’s never going to recommend them again.

  37. Hey, some of us got fleeced by AI in the 90’s! Where’s my fucking check, yo?

  38. Forgiveness for art student degrees and not engineers. This is going to go over well with moderates.

  39. I worked for those crooks for a short time. I still feel bad about perpetuating that scam even for the little while I was there. My god, the lies they told students and the predatory practices in pushing loans on students (and their families) who couldn’t afford it and had little hope of a job a super competitive field.
    It was all a monstrous grift.

  41. I went to and graduated in this window, but sadly most of my loans were private. I was luckily enough to get a job right out of school and have had a decent career since. All my loans have been paid off as of a couple years ago, so honestly, I can’t complain if I don’t benefit at all. I’m really happy for those who need the help.

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