It's true, they're canceling $141 million dollars worth.

The University of Phoenix was recently accused of deceptive advertising and canceling these loans is just part of the penalty. The other part of the penalty involves the University paying a $50 million dollar fine.

According to nbcnews.com, the ad campaign allegedly alluded to partnerships that would/could create job opportunities for students with companies like Microsoft, Twitter and Adobe. Those partnerships apparently never existed though which brought about the deceptive advertising charges.

Under the settlement, the University of Phoenix and Apollo will cancel all remaining debt for students who first enrolled between Oct. 1, 2012, and the end of 2016. Letters will be sent to borrowers saying they no longer owe payments to the school. The school is also barred from making false claims about its relationships with companies or employers. - nbcnews.com

If you think you fit the criteria to have your loan forgiven and would like more info, click here. For more news articles about this, click here.