"The Biden administration is forgiving $6.1 billion in student debt for 317,000 people who attended The Art Institutes, a for-profit chain of schools that shut down last fall amid allegations of fraud.

In conjunction with its previously announced debt relief, the Biden administration said it has forgiven a total of more than $160 billion for nearly 4.6 million borrowers, a number that includes today's announcement.

The Art Institutes closed suddenly in September, impacting 1,700 students, according to the New York Times. The closure came after the organization settled for $95.5 million with federal regulators, who had accused it of fraud.

The Education Department said it is automatically forgiving $6.1 billion in student debt for 317,000 people who borrowed money to attend any Art Institutes campus on or after January 1, 2004, through October 16, 2017."

Sooner or later, these Billions will add up to real money. Cue "it's only X% of defense spending" dismissal in 3..2..1..