The Biden administration is forgiving $6.1 billion in student debt for 317,000 people who attended The Art Institutes, closed last fall due to fraud. This move is part of Biden's strategy to address the nation's $1.7 trillion student debt.
President Joe Biden, on a fundraising trip to Los Angeles, is set to announce the cancellation of $1.2 billion in student loan debt for approximately 153,000 borrowers on Wednesday.
The Biden administration is looking into the steps it can take to provide student debt relief through executive action, White House Press Secretary Jen Psaki said Thursday.
Fresh out of college and new to New York City, young people arrive with the expectation of "Sex in the City" and "Glee"-style adventures, guided solely by the hot lights of the city and a sense of whimsy. Instead, they are confronted with the high cost of NYC's living and unshakable college student loan debt, which often forces them to pit financial obligations against one another.
Executive compensation at top-tier public research universities increased 14 percent, between 2009 and 2012, and increased by a third for presidents, equaling a bump to nearly $1,000,000 in annual compensation. The ballooning of salaries for presidents at the top 25 highest-paid public-research university has coincided with student debt growth and faculty disenfranchisement for the last number of years.
