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For-profit University of Phoenix said on Tuesday it will cancel $141 million in student debt in a settlement with the Federal Trade Commission, the Wall Street Journal reports.

Catch up quick: The FTC claims the University of Phoenix gave students the false impression — through deceptive advertisements — that the school worked with companies like Twitter, Microsoft and Adobe and could help them get jobs there, per the WSJ.

  • The university will also pay $50 million in cash for the settlement.
  • Only those students who were affected by the false ads will have their debt canceled, WSJ notes.
  • The University of Phoenix told the WSJ that it marketed the advertisements in question from late 2012 to early 2014.

What they're saying: The university said the advertising campaign in question "occurred under prior ownership and concluded before the FTC’s inquiry began,” in an emailed statement to the WSJ. “We continue to believe the University acted appropriately and has admitted no wrongdoing," the school said.

The big picture: Over 1,000 for-profit college campuses have closed in the past five years, according to the Chronicle of Higher Education, amid accusations of predatory lending and false advertising.

Go deeper: Students in poverty fuel for-profit universities

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Updated 20 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 32,870,631 — Total deaths: 994,534 — Total recoveries: 22,749,163Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 7,079,689 — Total deaths: 204,499 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

How the Supreme Court could decide the election

Illustration: Sarah Grillo/Axios

The Supreme Court isn't just one of the most pressing issues in the presidential race — the justices may also have to decide parts of the election itself.

Why it matters: Important election-related lawsuits are already making their way to the court. And close results in swing states, with disputes over absentee ballots, set up the potential for another Bush v. Gore scenario, election experts say.

Graham hopes his panel will approve Amy Coney Barrett by late October

Sen. Lindsey Graham during a Senate Judiciary Committee hearing on Sept. 24, 2020 in Washington, DC. Photo: Win McNamee/Getty Images

Senate Judiciary Committee Chair Lindsey Graham (R-S.C.) told Fox News Saturday he expects confirmation hearings on Judge Amy Coney Barrett's nomination to the Supreme Court to start Oct. 12 and for his panel to approve her by Oct. 26.

Why it matters: That would mean the final confirmation vote could take place on the Senate floor before the Nov. 3 presidential election.