In this Nov 24, 2009, file photo, a University of Phoenix billboard is shown in Chandler, Ariz. The University of Phoenix for-profit college and its parent company will pay $50 million and cancel $141 million in student debt to settle allegations of deceptive advertisement brought by the Federal Trade Commission. (AP Photo/Matt York)
WASHINGTON (Reuters) - The University of Phoenix, which is owned by Apollo Education Group, has agreed to pay $191 million to settle charges that it falsely advertised close ties with major U.S. companies that could lead to jobs for students, the Federal Trade Commission said on Tuesday.
The University of Phoenix will pay $50 million to the FTC to return to consumers and cancel $141 million in student debt.
Some of the advertisements targeted military and Hispanic students, the FTC said.
The Pentagon has agreed to hold off on changes to some GI Bill benefits that would have impacted long-serving troops, a congressman's office said.
The Department of Defense will delay the policy change, which was scheduled to go into effect Friday, until Jan. 12, according to a statement released Friday by U.S. Rep. Joe Courtney. The change would have prevented soldiers and other service members with more than 16 years of service from transferring their Post-9/11 G.I. Bill benefits to eligible family members.