University of Phoenix to cancel $141 million in student debt after getting busted for deceptive ads
Haley Walters is still five years away from earning her law degree -- and racking up a mountain of student debt AFP / Robyn Beck

According to the Associated Press, the University of Phoenix and its parent company will pay out $50 million in cash and cancel $141 million in student debt in response to allegations of deceptive advertising.

The settlement is in regards to a 2012 ad campaign the university pushed that promoted partnerships with companies including Microsoft, Twitter and Adobe, claiming that the university partnered with the companies to create job opportunities for students.

In reality, no such partnerships existed.

“Students making important decisions about their education need the facts, not fantasy job opportunities that do not exist," Andrew Smith, director of the Federal Trade Commission's Bureau of Consumer Protection, told the AP.

Under the terms of the settlement, the University of Phoenix and its parent company, Apollo, will cancel all remaining student debt for students who attended the school between October 1, 2012, and the end of 2016.

Read the full report over at MarketWatch.