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Betsy DeVos Photo: Tom Williams/CQ Roll Call/Getty Images

The Department of Education will cancel federal loans for about 1,500 defrauded students at two shuttered art institutions, reports the New York Times.

Why it matters: This represents a "rare victory" from Secretary of Education Betsy DeVos, who has limited relief programs for students who claim they've been deceived by the "career-school chain," writes the Times.

Yes, but: Some borrowers will still owe money on the federal loans they took out before Jan. 20, the department wrote in an email sent Friday.

Context: Students at the Art Institute of Colorado and the Illinois Institute of Art sued the Education Department in October to have their loans cleared, per the Times.

  • The schools' closures were part of an ongoing saga involving Dream Center Education Holdings — which owned several schools part of the Art Institutes, South University and Argosy University brands, according to the Times.
  • The Dream Center, owned by a Christian nonprofit, purchased the for-profit schools in 2017, and suddenly closed them a year later with millions of dollars in federal financial aid still missing, per the Times.

Go deeper:

Go deeper

2 hours ago - Health

U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
6 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.