The Biden administration announced $4.5 billion in federal student loan forgiveness for 260,000 borrowers who attended Ashford University between 2009 and 2020. The relief stems from a California Department of Justice lawsuit against Ashford and its parent company, Zovio, Inc., alleging deceptive practices. Federal officials said Ashford’s recruiters misled students, leading to wasted time and unmanageable debt for unusable degrees. In 2022, California secured a $20 million penalty against Ashford and Zovio.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Biden administration announced 4.5 billion dollars in federal student loan forgiveness
00:07for 260,000 borrowers who attended Ashford University between 2009 and 2020.
00:12The relief stems from a California Department of Justice lawsuit
00:16against Ashford and its parent company, Zovio Inc., alleging deceptive practices.
00:21Federal officials say Ashford's recruiters misled students,
00:24leading to wasted time and unmanageable debt for unusable degrees.
00:28In 2022, California secured a 20 million dollar penalty against Ashford and Zovio.
00:33For all things money, visit Benzinga.com slash GSTV.