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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

Biden will reverse Trump's attempt to lift COVID-related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.