<div class="edu-card" data-widget-id="1" data-cy="edu-card"> <div class="edu-card-banner" data-cy="edu-card-banner"> Advertisement </div> <div class="edu-card-container" data-cy="edu-card-container"> <div class="edu-card-content" data-cy="edu-card-content"> <div class="edu-card-title" data-cy="edu-card-title"> <h1 class="edu-card-title-heading" data-cy="edu-card-title-heading"> UNC Kenan-Flagler’s top-ranked online MBA </h1> <p class="edu-card-title-subheading" data-cy="edu-card-title-subheading"> STEM-designated. Tar Heel ROI. No compromises. </p> </div> <div class="edu-card-content-description" data-cy="edu-card-content-description"> <div class="edu-card-content-description-content"> <p>UNC Kenan-Flagler’s top-ranked online MBA is designed for experienced professionals looking to take their career to the next level. Students have access to lifelong career benefits and a global network of 51,000+ business school alumni. Earn your MBA online in as few as 18 months or up to three years. MBA Fellowships Available.</p> </div> <span class="edu-card-content-description-readmore"> <input type="checkbox" id="edu-card-content-description-readmore-input-1" class="edu-card-content-description-readmore-input" /> <label for="edu-card-content-description-readmore-input-1" class="edu-card-content-description-readmore-label"> <span class="edu-card-content-description-readmore-label-arrow"></span> </label> </span> </div> <a class="edu-card-content-button" target="_blank" href="https://onlinemba.unc.edu/requestinfo/index/">Learn More</a> <span class="edu-card-content-caption"> </span> </div> <div class="edu-card-action" data-cy="edu-card-action"> <picture class="edu-card-picture" data-cy="edu-card-picture"> <img src="https://fortune.com/img-assets/wp-content/uploads/2024/07/UNC2UadCURRENT.png?w=250&amp;h=165" class="" alt=""> <span class="edu-card-picture-label"> </span> </picture> <div class="edu-card-action-cta" data-cy="edu-card-action-cta"> <a class="edu-card-action-button" target="_blank" href="https://onlinemba.unc.edu/requestinfo/index/">Learn More</a> <span class="edu-card-action-caption"> </span> </div> </div> </div></div><script> function checkWidgets() { document.querySelectorAll('.edu-card-content-description-content').forEach((content) => { const readMoreBtn = content.nextElementSibling; if (!readMoreBtn) { return; } if (content && content.clientHeight === content.scrollHeight) { readMoreBtn.style.display = 'none'; } else { delete readMoreBtn.style.removeProperty('display'); } }) } window.removeEventListener('resize', checkWidgets); window.addEventListener('resize', checkWidgets); checkWidgets();</script>

<div class="edu-card" data-widget-id="71" data-cy="edu-card"> <div class="edu-card-banner" data-cy="edu-card-banner"> Advertisement </div> <div class="edu-card-container" data-cy="edu-card-container"> <div class="edu-card-content" data-cy="edu-card-content"> <div class="edu-card-title" data-cy="edu-card-title"> <h1 class="edu-card-title-heading" data-cy="edu-card-title-heading"> The Online MBA From Rice Business </h1> <p class="edu-card-title-subheading" data-cy="edu-card-title-subheading"> Rethink Your Approach to Business </p> </div> <div class="edu-card-content-description" data-cy="edu-card-content-description"> <div class="edu-card-content-description-content"> <p>GMAT waivers are available for the online MBA from Rice Business, ranked a Top-20 Online MBA by U.S. News & World Report. Ranked #1 in graduate entrepreneurship in the U.S. by the Princeton Review for 2024, aspiring entrepreneurs can earn their MBA in as few as 24 months.</p> </div> <span class="edu-card-content-description-readmore"> <input type="checkbox" id="edu-card-content-description-readmore-input-71" class="edu-card-content-description-readmore-input" /> <label for="edu-card-content-description-readmore-input-71" class="edu-card-content-description-readmore-label"> <span class="edu-card-content-description-readmore-label-arrow"></span> </label> </span> </div> <a class="edu-card-content-button" target="_blank" href="https://onlinebusiness.rice.edu/requestinfo/index/">Learn More</a> <span class="edu-card-content-caption"> </span> </div> <div class="edu-card-action" data-cy="edu-card-action"> <picture class="edu-card-picture" data-cy="edu-card-picture"> <img src="https://fortune.com/img-assets/wp-content/uploads/2024/07/Rice2UadCURRENT.png?w=250&amp;h=165" class="" alt=""> <span class="edu-card-picture-label"> </span> </picture> <div class="edu-card-action-cta" data-cy="edu-card-action-cta"> <a class="edu-card-action-button" target="_blank" href="https://onlinebusiness.rice.edu/requestinfo/index/">Learn More</a> <span class="edu-card-action-caption"> </span> </div> </div> </div></div><script> function checkWidgets() { document.querySelectorAll('.edu-card-content-description-content').forEach((content) => { const readMoreBtn = content.nextElementSibling; if (!readMoreBtn) { return; } if (content && content.clientHeight === content.scrollHeight) { readMoreBtn.style.display = 'none'; } else { delete readMoreBtn.style.removeProperty('display'); } }) } window.removeEventListener('resize', checkWidgets); window.addEventListener('resize', checkWidgets); checkWidgets();</script>

<div class="edu-card" data-widget-id="2" data-cy="edu-card"> <div class="edu-card-banner" data-cy="edu-card-banner"> Advertisement </div> <div class="edu-card-container" data-cy="edu-card-container"> <div class="edu-card-content" data-cy="edu-card-content"> <div class="edu-card-title" data-cy="edu-card-title"> <h1 class="edu-card-title-heading" data-cy="edu-card-title-heading"> UNC Kenan-Flagler’s top-ranked online MBA </h1> <p class="edu-card-title-subheading" data-cy="edu-card-title-subheading"> STEM-designated. Tar Heel ROI. No compromises. </p> </div> <div class="edu-card-content-description" data-cy="edu-card-content-description"> <div class="edu-card-content-description-content"> <p>UNC Kenan-Flagler’s top-ranked online MBA is designed for experienced professionals looking to take their career to the next level. Students have access to lifelong career benefits and a global network of 51,000+ business school alumni. Earn your MBA online in as few as 18 months or up to three years. MBA Fellowships Available.</p> </div> <span class="edu-card-content-description-readmore"> <input type="checkbox" id="edu-card-content-description-readmore-input-2" class="edu-card-content-description-readmore-input" /> <label for="edu-card-content-description-readmore-input-2" class="edu-card-content-description-readmore-label"> <span class="edu-card-content-description-readmore-label-arrow"></span> </label> </span> </div> <a class="edu-card-content-button" target="_blank" href="https://onlinemba.unc.edu/requestinfo/index/">Visit Website</a> <span class="edu-card-content-caption"> </span> </div> <div class="edu-card-action" data-cy="edu-card-action"> <picture class="edu-card-picture" data-cy="edu-card-picture"> <img src="https://fortune.com/img-assets/wp-content/uploads/2024/07/UNC2UadCURRENT.png?w=250&amp;h=165" class="" alt=""> <span class="edu-card-picture-label"> </span> </picture> <div class="edu-card-action-cta" data-cy="edu-card-action-cta"> <a class="edu-card-action-button" target="_blank" href="https://onlinemba.unc.edu/requestinfo/index/">Visit Website</a> <span class="edu-card-action-caption"> </span> </div> </div> </div></div><script> function checkWidgets() { document.querySelectorAll('.edu-card-content-description-content').forEach((content) => { const readMoreBtn = content.nextElementSibling; if (!readMoreBtn) { return; } if (content && content.clientHeight === content.scrollHeight) { readMoreBtn.style.display = 'none'; } else { delete readMoreBtn.style.removeProperty('display'); } }) } window.removeEventListener('resize', checkWidgets); window.addEventListener('resize', checkWidgets); checkWidgets();</script>

cat_Other

Low Intent

ptype_Explainer

ptype_News

Sydney Lake

<p>President Joe Biden hasn’t yet followed through on his <a href="https://joebiden.com/the-biden-emergency-action-plan-to-save-the-economy/#">intention to cancel up to $10,000</a> in student loan debt per borrower, but Thursday marked two more developments in his ongoing forgiveness strategy.</p><div class="paywall-selector"></div><div class="paywall">



<p>First, the <a href="https://www.ed.gov/news/press-releases/education-department-approves-238-million-group-discharge-28000-marinello-schools-beauty-borrowers-based-borrower-defense-findings">Education Department announced</a> that 28,000 borrowers who attended Marinello Schools of Beauty will receive a collective $238 million in student loan debt cancellation. Then Biden also signaled something much bigger: A decision on whether to cancel student loan debt en masse will be coming in the “next couple of weeks,” he <a href="https://www.nbcnews.com/politics/biden-says-considering-student-debt-forgiveness-less-50000-rcna26474">said during a press conference</a>.</p>



<p>“I’m considering dealing with some debt reduction,” Biden said. “I am not considering $50,000 in debt reduction [per borrower], but I’m in the process of taking a hard look at whether or not there will be additional forgiveness. I’ll have an answer on that in the next couple of weeks.” </p>



<p>A reporter covering the conference asked “how high” Biden would go in terms of debt forgiveness per borrower, but the president didn’t give an answer. Other top Democrats including Senate Majority Leader Chuck Schumer and Sen. Elizabeth Warren have been pressing Biden to forgive $50,000 in debt per borrower.  </p>



<p>Since taking office, Biden has forgiven loans of borrowers in <a href="https://fortune.com/education/business/articles/2022/04/25/bidens-20-billion-in-student-loan-cancellation-targets-these-borrowers/">four distinct groups</a>: defrauded borrowers, public service workers, borrowers with a total and permanent disability, and certain borrowers with an income-driven repayment plan. Total forgiveness during the Biden administration currently stands at <a href="https://fortune.com/education/business/articles/2022/04/25/bidens-20-billion-in-student-loan-cancellation-targets-these-borrowers/">more than $20 billion</a>. This latest round of forgiveness falls into the defrauded borrowers category, which includes debt cancellations for students who attended programs that had defrauded or mistreated them. </p>



<p>“Marinello preyed on students who dreamed of careers in the beauty industry, misled them about the quality of their programs, and left them buried in unaffordable debt they could not repay,” U.S. Secretary of Education<a href="https://fortune.com/education/business/articles/2021/10/27/mass-student-debt-cancellation-conversations-continuing-education-secretary-says/"> Miguel Cardona</a> said in a <a href="https://www.ed.gov/news/press-releases/education-department-approves-238-million-group-discharge-28000-marinello-schools-beauty-borrowers-based-borrower-defense-findings">statement</a>. “Today’s announcement will streamline access to debt relief for thousands of borrowers caught up in Marinello’s lies.”</p>



<h2 class="wp-block-heading" id="h-who-qualifies-for-this-round-of-forgiveness">Who qualifies for this round of forgiveness</h2>



<p>In March 2021, Cardona and the Biden administration started offering forgiveness for borrowers with “defense to repayment” claims, meaning the government had determined the borrower attended a school that took part in deceptive or illegal practices. </p>



<p>Marinello Schools of Beauty students <a href="https://www.ed.gov/news/press-releases/department-education-approves-borrower-defense-claims-related-three-additional-institutions">started receiving forgiveness</a> for these borrower defense claims in July 2021 when the Education Department announced it would approve borrower defense claims for <a href="https://fortune.com/education/business/articles/2021/08/27/these-borrowers-are-getting-their-student-loans-canceled/">1,800 borrowers</a> who attended the beauty school as well as the Court Reporting Institute and Westwood College. </p>



<p>According to the Education Department’s Thursday announcement, about 300 borrower defense claims from Marinello had been approved under the findings in July that the school had made “widespread, substantial misrepresentations about the instruction that would be offered at its campuses across the country.” This latest round of forgiveness will help an additional 24,000 borrowers who attended Marinello.</p>



<p>The round of forgiveness announced Thursday will go to borrowers who enrolled in the schools from 2009 through <a href="https://studentaid.gov/announcements-events/marinello">Marinello’s closure in February 2016</a>. At the time, the school operated 56 campuses, which “<a href="https://www.latimes.com/business/la-fi-marinello-closing-20160205-story.html">abruptly shut down</a>” after the Education Department found the school had been <a href="https://studentaid.gov/announcements-events/marinello">misallocating federal student aid funding</a>. </p>



<p>The Department had also found that the Marinello schools had failed to train students in key elements of cosmetology—including how to cut hair—and that the schools had left students for weeks or months without instructors, according to the department’s release. </p>



<p>“As a result, students would have found it extremely difficult to pass necessary state licensing tests and receive the promised return on their educational investment,” according to the Education Department. “Not only did Marinello fail to teach its students, class-action lawsuits filed in Nevada and California alleged that the school used salons as profit centers and exploited students as a source of unpaid labor.”</p>



<p>In all, debt cancellation on borrower defense claims made during the Biden administration stands at $2.1 billion among 132,000 borrowers, according to the Education Department. This has included forgiveness for borrowers who attended other schools including ITT Tech, Corinthian Colleges, DeVry University, Westwood College, and Minnesota School of Business/Globe University. </p>



<p><em>See how the schools you’re considering landed in </em>Fortune<em>’s rankings of the best <a target="_blank" href="https://fortune.com/education/public-health/masters/rankings/best-online-masters-in-public-health-programs/" rel="noreferrer noopener">master’s in public health programs</a>, <a target="_blank" href="https://fortune.com/education/business-analytics/masters/rankings/best-online-masters-in-business-analytics/" rel="noreferrer noopener">business analytics programs</a>, <a target="_blank" href="https://fortune.com/education/data-science/masters/rankings/best-online-masters-in-data-science/" rel="noreferrer noopener">data science programs</a>, and <a target="_blank" href="https://fortune.com/education/business/mba/rankings/best-parttime-mba-programs-in-2022/" rel="noreferrer noopener">part-time</a>, <a target="_blank" href="https://fortune.com/education/business/mba/rankings/best-executive-mba-programs-in-2021/" rel="noreferrer noopener">executive</a>,<a target="_blank" href="https://fortune.com/education/business/mba/rankings/best-mba-programs/" rel="noreferrer noopener"> full-time</a>, and <a target="_blank" href="https://fortune.com/education/business/mba/rankings/best-online-mba-programs/" rel="noreferrer noopener">online</a> MBA programs.</em></p>
</div>

Borrowers who attended the Marinello Schools of Beauty will receive student loan cancellation, and Biden signaled more forgiveness could be coming.

Biden wipes out another $238 million in student loans—but something much bigger might be coming

F-Search

Education

Education Articles

Jasmine Suarez

Business

Borrowers who attended the Marinello Schools of Beauty will receive a collective $238 million in student loan debt cancellation.

Biden wipes out another $238 million student loans—but something much bigger might be coming

Fortune earns a commission for purchases made from affiliate partners via some links on our site; other links are not affiliate partner links. <a href='/affiliate-disclosure/'>Click here</a> to read the full Fortune advertiser disclosure and how we earn commissions.

We have independently evaluated the products and services below. We may earn affiliate revenue from links in the content.

Fortune Editors

Fortune Education is designed to be your guide to navigating this new, rich and somewhat overwhelming world of education. Our team of experienced editors is committed to scouring the universe of online offerings in order to rank, rate, provide comparisons and recommend the right solutions for you and your career.

Fortune Education

Uncategorized

homepage

articles

Articles Hub

By Region

By State

By Cost

Career Hub

Health and Wellness

Tech

EDUCATION

EDUCATION ARTICLES

BIDEN WIPES OUT ANOTHER $238 MILLION IN STUDENT LOANS—BUT SOMETHING MUCH BIGGER MIGHT BE COMING

Biden wipes out another $238 million student loans—but something much bigger might be coming | Fortune Education

Biden wipes out another $238 million in student loans—but something much bigger might be coming | Fortune Education

Rich Griset

10 free data analytics courses you can take online

https://fortune.com/education/articles/free-data-analytics-courses/?itm_source=parsely-api

Preston Fore

Northwestern, Columbia, and UPenn have the best EMBA programs in the country. Here's why

https://fortune.com/education/articles/best-exec-mba-programs-news/?itm_source=parsely-api

2024 real estate school review: AceableAgent

https://fortune.com/education/articles/real-estate-school-review-aceableagent/?itm_source=parsely-api

Brit Morse

A law associate making $300,000 a year at Skadden Arps quit over the firm’s deal with Donald Trump

/article/rachel-cohen-making-300k-year-law-associate-skadden-arps-quit-protest-firms-deal-trump/

Get ready to pay more than $2,000 for a new iPhone: Experts say Trump’s 125% tariff on China is a ‘complete disaster for Apple’ akin to ‘Armageddon’

/2025/04/10/apple-iphone-16-price-complete-disaster-china-trump-tariffs/

It’s about to get a lot harder for job seekers as tariffs are set to make the hiring landscape even more daunting

/2025/04/07/trump-tariffs-labor-market-more-challenging-job-seekers-economists-say/

This company does peer performance reviews—And then lets everyone read each other’s evaluations

/2025/03/24/performance-review-process-company-allows-all-workers-read-garner-health-workplace-culture/

2024 health coach certification review: Catalyst Coaching Institute

/education/articles/health-coach-certification-review-catalyst-coaching-institute/

A guide to a nurse’s salary: Broken down by all 50 states and industry type

/education/careers/nurse-salary/

2024 health coach certification review: Institute for Integrative Nutrition

/education/articles/health-coach-certification-review-institute-for-integrative-nutrition/

10 high-paying public health jobs right now

/education/careers/public-health-jobs/

Jason Del Rey

Is eBay actually sexy again as the ecommerce old-timer’s stock surges to an all-time high?

/2025/07/31/ebay-earnings-live-sports-cards-trading-pokemon/

Erik German

Meet the CIA-backed venture fund behind Palantir, Anduril—and a spy tool that might be on your phone

/2025/07/29/in-q-tel-cia-venture-capital-palantir-anduril/

Dana Hull

Kiel Porter

Bloomberg

Tesla engineering VP Moravy says company in ‘big swing moment’

/2025/07/27/tesla-engineering-vp-lars-moravy-big-swing-moment-musk-robotaxi-optimus-semi/

Christiaan Hetzner

Volkswagen seeks audience with Trump, dangling more than $10 billion in U.S. investments in exchange for tariff exemptions

/2025/07/25/volkswagen-trump-tariffs-exemptions/

Whether you’ve just completed your undergraduate degree or you are a professional with years of experience, Fortune is here to guide you on the next step of your educational journey.

Biden wipes out another $238 million in student loans—but something much bigger might be coming

About the Contributors

Top Articles

10 free data analytics courses you can take online

Northwestern, Columbia, and UPenn have the best EMBA programs in the country. Here's why

2024 real estate school review: AceableAgent

UNC Kenan-Flagler’s top-ranked online MBA