"The payout means this is a victory for me despite the university strenuously fighting my case and denying any responsibility," she said.
"In light of this settlement, I think universities should be careful about what they say in prospectuses.
"I think they often make promises which they know will never materialise or are simply not true."
But an ARU spokesman told the paper the settlement did not mean Wong's claims were correct.
"Wong's longstanding litigation … has been settled at the instruction of our insurers to draw a line under these matters and to prevent a further escalation of their legal costs," he said.
"The claims were wholly without merit and resulted in cost orders made against Wong by the Central London County Court on two occasions."
THE CASE
The beginnings of the landmark case started back in 2011 when Ms Wong, originally from Hong Kong, moved to the UK to study at ARU's Lord Ashcroft International Business School in Cambridge after being impressed by the institution's prospectus.
She graduated with a first-class degree in international business strategy in 2013 but was convinced the organisation's claims it was a "renowned centre of excellence" that offered a "high quality of teaching" were false.
Last year, she told the UK's The Sunday Telegraph her two years of study left her with little more than a "mickey mouse" degree, and she was entitled to compensation as a result.
As soon as I started in 2011, I realised there were failings. Although I graduated with a first-class degree in 2013, it is a mickey mouse degree.
"The prospectus convinced me that the university is really impressive," she told the publication at the time. "But, as soon as I started in 2011, I realised there were failings. Although I graduated with a first-class degree in 2013, it is a mickey mouse degree.
"I hope that bringing this case will set a precedent so that students can get value for money, and if they don't, they get compensated. Anglia Ruskin talked a good talk but then they didn't deliver."
Wong complained of lecturers arriving late to classes and claimed students were regularly instructed to "self study" with little guidance.
She also alleged she was once "locked" in a room by staff members when she tried to protest against the university at her graduation ceremony.
A picture on Wong's public Facebook profile from October 2013 shows the woman in her graduation cap and gown holding a large multi-coloured sign that says "ARU sucks".
In the caption accompanying the photo, Wong described being "forcibly removed from the stage" during the ceremony.
When the case first made headlines last year, legal experts claimed it could potentially set a precedent for other unsatisfied students to pursue similar legal battles.
