Some former students are about to have the merriest Christmas of all time. University of Phoenix will pay $50 million to cancel $141 million in student loan debt as part of a settlement for deceptive advertisement allegations.
The deal, announced Tuesday, settles a dispute over an ad campaign the for-profit college unrolled 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.