It was the largest class action settlement against the federal government in the history of our nation. That's life changing news for Nearly half a million federal student loan borrowers will receive $23 billion in relief after being misled and defrauded by for-profit colleges. If you listen to the radio on your morning commute or watch TV after a long day's work, and you have no doubt been hit with flashy advertising from institutions like the University of Phoenix looking to lure in unsuspecting students, here's the catch. (03:42–03:57)
CLAIM
Asserts that a large number of borrowers will receive significant relief due to fraud by for-profit colleges.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
