In the new world of Internet-based college education, people can go online for free to receive an education or go to a college that is a satellite school for a non-profit or for-profit company. The for-profit school, Corinthian College, which owned dozens of satellite colleges around the country, closed due to acts of fraud by targeting low-come students to take out huge loans and then use abusive tactics to get the students to repay the loans before they graduated. According to CNN, on Monday the Department of Education approved a debt relief process for those students who school either closed down or were the victims of fraud. This would be about 15,000 to 16,000 students who attended the college when it closed in 2010. The Department of Education will erase $3.5 billion in student debt with this process. "I am fully committed to making sure students receive every penny of relief they are entitled to under law. We will make this process as easy as possible for them, including by considering claims in groups wherever possible, and hold institutions accountable."Arne Duncan, U.S. Secretary of Education. For more news about debt, click here.