President Biden announced on Wednesday that the White House would forgive more than $6.1 billion on student loan debt for 317,000 borrowers who attended The Art Institutes, a private art school system in the U.S. that shuttered last year.
"This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies," said Biden in a statement.
