University of Phoenix to <br />Cancel $141 Million of Student Debt.<br />The canceled debt will apply to <br />students who were first enrolled at the <br />University of Phoenix between <br />Oct. 1, 2012 through the end of 2016.<br />The for-profit college will <br />cancel the debt as part of <br />a settlement with the Federal <br />Trade Commission (FTC). .<br />The settlement was made in <br />response to a complaint filed <br />by the FTC that alleged the college <br />made false claims in its advertising.<br />In television and radio ads during <br />2012 and 2013, the college claimed <br />that top companies such as Microsoft <br />aided in the creation of the school's curriculum.<br />Such claims were false, <br />described by some of the <br />companies cited in the <br />ads as "smoke and mirrors.".<br />Students making important decisions about their education need the facts, not fantasy job opportunities that do not exist, Andrew Smith, FTC, via NBC News.<br />In addition to the cancellation <br />of debt, the college will also <br />make a $50 million cash payment <br />as part of the settlement
