The company that operates some of the most popular for-proft colleges, including The Art Institutes and Argosy University, agreed to a settlement this week that includes forgiving millions of dollars of loan debt for thousands of students across the country.
Education Management Corporation's settlement with the U.S. Department of Justice ends investigations by several state attorneys, and settles a lawsuit that accused the company of illegally paying bonuses to admissions recruiters based on the number of students they enrolled.
Almost 6,000 former students of EDMC institutions in Georgia will see more than $6.8 million forgiven, according to information from state officials.
EDMC, based in Pittsburgh, operates 110 schools in 32 states and Canada through four education systems: Argosy and South universities, The Art Institutes and Brown Mackie College. Earlier this year EDMC announced it was closing 15 of its Arts Institute campuses, including the Decatur location which enrolled about 400 students.
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