University Agrees To Pay Off $140 Million In Student Debt
There's been a huge legal battle going on involving the University of Phoenix and the Federal Trade Commission.
This week, The University of Phoenix agreed to a settlement that will require the college to eliminate more than $140 million in student debt, according to WKBW. They will also have to pay the FTC $50 million. It's a record settlement for the FTC.
What happened was the FTC sued the University of Phoenix for "deceptive marketing to potential students," which led potential students to believe the university worked with future employers, like Microsoft and Adobe.
“Students making important decisions about their education need the facts, not fantasy job opportunities that do not exist," said Director of the FTC’s Bureau of Consumer Protection, Andrew Smith.
Students enrolled between October of 2012 to the end of 2016 are eligible for debt relief, owed directly to the University. Other debts, like Federal Loans, are not part of the settlement.
According to WKBW, the university denies any wrongdoing.
Read the full story at WKBW.