More than 260,000 former students of the now-defunct for-profit Ashford University are getting their student loans erased as the Biden administration presses ahead with debt forgiveness in its final days.

The Biden administration announced on Wednesday that it would forgive $4.5 billion in student debt for 261,000 borrowers who attended Ashford University.

The federal government will discharge a combined $4.5 billion in debt for some 261,000 borrowers duped by Ashford’s deceptive recruiting tactics

Ahead of President-elect Donald Trump’s inauguration less than a week away, President Joe Biden is set to give his farewell address on Wednesday evening. The speech is expected to focus on his administration's achievements.

In his farewell address, President Biden expressed concerns about the concentration of power among the wealthy and emphasized the need to eliminate dark money from politics. He reflected on his administration's achievements and highlighted the importance of democracy and collective power.