$141 Million In Student Debt Canceled (University Of Phoenix)| Shamika Saves

The University of Phoenix and its parent company have agreed to pay $50 million in cash and cancel $141 million in student debt to settle allegations of deceptive advertisement brought by the Federal Trade Commission.

The deal, announced Tuesday, settles a dispute over an ad campaign the for-profit college launched in 2012 touting partnerships with companies including Microsoft, Twitter and Adobe. It suggested the school worked with those companies to create job opportunities for students, even though there was no such agreement, investigators found.

The Federal Trade Commission said the settlement is the largest the agency has ever obtained against a for-profit college.

Under the settlement, the University of Phoenix and Apollo will cancel all remaining debt for students who first enrolled between Oct. 1, 2012, and the end of 2016. Letters will be sent to borrowers saying they no longer owe payments to the school. The school is also barred from making false claims about its relationships with companies or employers.

Univ of Phoenix FAQ page for potentially affected students.

Federal Trade Commission press releases

Federal Case filed against Univ of Phoenix requesting injunctive relief

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[geobigntall]

Graduated 2012 this school sucks yes I was there. They lied to me and said I wouldn’t have to pay them back..I hope this is true…my credit is jacked up

[katrinawalker]

I have a question do you know a easier way to get out of the Chexs system? I have good credit but can’t get a bank account because I’m in the Chex system

[twsswt]

Shimika, how can they do only students that fall into those dates of 2012 thru 2016.

[TiffanyMis]

Any way to get them removed if you went prior to those years?

[elizabethrandle]

I graduated in August 2012. Is there something I could do?

[나디아-xo]

Even if you didn't graduate? I went during that time but I graduated elsewhere.