KEY POINTS
  • Nearly 16,000 student loan borrowers who attended for-profit schools will get their debts cleared, the U.S. Department of Education announced.
  • The relief totals around $415 million.
The U.S. Department of Education in Washington, D.C.

The U.S. Department of Education has announced it will cancel the student loans of nearly 16,000 borrowers who attended certain for-profit schools, including DeVry University. The relief comes out to $415 million in total.

"The Department remains committed to giving borrowers discharges when the evidence shows their college violated the law and standards," said Education Secretary Miguel Cardona, in a statement Wednesday.