The Biden administration on Wednesday said it will cancel $6 billion in student loans for people who attended the Art Institutes, a system of for-profit colleges that closed the last of its campuses in 2023 amid accusations of fraud.

The Education Department approved roughly $6 billion in student loan relief for borrowers who attended a chain of recently closed for-profit schools.

The Biden administration said Wednesday that it has approved the cancellation of more than $6.1 billion in student loan debt held by 317,000 borrowers who previously attended The Art Institutes, a now-defunct network of for-profit colleges.