Education Department to Forgive $415 Million in Student Loans, Citing Misleading Job Placement Rates

A graduating student at the University of California San Diego in San Diego, Calif., on June 17, 2017. Mike Blake/Reuters

DeVry University, ITT Technical Institute, and Minnesota School of Business/Globe University misled thousands of students, the Education Department said on Wednesday as it announced it will nullify $415 million in student debt.

The agency said that it intends to force the private for-profit DeVry University to cover the cost of the $71.7 million in loan discharges for some 1,800 borrowers who say they were defrauded by the university.