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Photo: Scott Olson/Getty Images

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

Go deeper

Updated 37 mins ago - Politics & Policy

Giuliani associate Lev Parnas convicted of campaign finance crimes

Lev Parnas, a former associate of then-President Donald Trump’s personal lawyer Rudy Giuliani. Photo: Stefani Reynolds/Bloomberg via Getty Images

Florida businessman Lev Parnas was convicted Friday on charges of conspiracy to make foreign contributions to political campaigns, according to multiple outlets.

Why it matters: Prosecutors said Parnas, then an associate of former President Donald Trump's personal lawyer Rudy Giuliani, funneled over $150,000 from a Russian businessman into U.S. campaigns as part of an effort to land licenses in the U.S.'s legal cannabis industry.

Supreme Court agrees to hear challenges to Texas abortion law

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court on Friday agreed to hear two cases challenging Texas' abortion law, which bans the procedure as soon as six weeks into pregnancy, but left the law in place in the meantime.

Why it matters: The court is moving extraordinarily fast on the Texas cases, compressing into just a few days a process that normally takes months. And that schedule means the court will take up Texas' ban a month before it hears another major abortion case — a challenge to Mississippi's own 2018 ban on abortions after 15 weeks.

Officials warn 5 key tech sectors will determine whether China overtakes U.S.

Illustration: Aïda Amer/Axios

U.S. intelligence officials responsible for protecting advanced technologies have narrowed their focus to five key sectors: artificial intelligence, quantum computing, biotechnology, semiconductors and autonomous systems.

Why it matters: China and Russia are employing a variety of legal and illegal methods to undermine and overtake U.S. dominance in these critical industries, officials warned in a new paper. Their success will determine "whether America remains the world’s leading superpower or is eclipsed by strategic competitors."