The U.S. Division of Training introduced on August 30th that it’ll cancel all remaining federal loans taken out by the scholars who attended Westwood Faculty. In whole, the mortgage cancelation will ship $1.5 billion in aid for 79,000 debtors. Right here’s what it’s worthwhile to know.

College students who attended the for-profit faculty Westwood Faculty will see their debt canceled for the now-defunct faculty, per CNBC. The cancelation covers college students who attended any of the Westwood Faculty campuses or had been enrolled on-line between Jan. 1, 2002, and Nov. 17, 2015, earlier than the faculties closed their doorways in 2016.

The cancelation comes after the Division of Training discovered the college to have routinely misled college students by “grossly misrepresenting” the worth of the college’s credentials. As well as, the college was discovered to inflate job placement charges and incomes potential following commencement.

The varsity was additionally discovered to have given college students a false “employment pledge,” promising to assist with post-graduation payments if it took them greater than six months to seek out employment, in line with CNBC.

“Westwood Faculty’s exploitation of scholars and abuse of federal monetary assist place it in the identical circle of infamy occupied by Corinthian Faculties and ITT Technical Institute,” Below Secretary James Kvaal stated within the announcement. “Westwood operated on a tradition of false guarantees, lies and manipulation with a view to revenue off scholar debt that burdened debtors lengthy after Westwood closed.”

College students who attended the faculty will see their mortgage cancelation routinely, the Training Division defined. This may occur no matter whether or not college students have utilized for a borrower protection discharge.

Thus far, the Division of Training has accredited $14.5 billion in scholar mortgage cancelation for defrauded college students, in line with NBC Information.

The newest debt forgiveness follows the announcement final week that debtors with incomes underneath $125,000 for a person or $250,000 for joint filers, will obtain $10,000 in debt cancelation or $20,000 in the event that they acquired a Pell Grant.