More than 900 Wisconsin residents will have their student loans forgiven, as part of a settlement with multiple for-profit colleges.
The agreement between the Education Management Corporation and 39 states, including Wisconsin, means 933 former students from the state will have a total of $916,500 in college loans wiped out. The settlement is part of a deal to end investigations into illegal payments to recruiters and whether the schools misrepresented their job placement records.
The schools involved in the settlement are Milwaukee’s Art Institute of Wisconsin, and the online Argosy, Art Institute of Pittsburgh, and South University.
According to the state’s Educational Approval Board, the settlements will go to students with fewer than 24 hours of transfer credits who withdrew from their studies within 45 day. Their final days of studies must have been from 2006 through last year.