Rochester, MN (KROC-AM News) – The long wait is almost over for several thousand former students of the Minnesota School of Business and Globe University.

Minnesota Attorney General Keith Ellison announced that $ 23.6 million debt relief had been approved for former students and $ 15.8 million in restitution was being distributed, with some of the checks to be mailed. today now that a bankruptcy court has approved a settlement which as announced in March. The agreement resolved a consumer fraud and illegal lending practices lawsuit filed against former private colleges by the state in 2014.

“From today, the money is finally going to return to the pockets of the students who were conned by the misrepresentation of MSB and Globe and who charged illegal interest rates,” said the attorney general. Ellison. “I am happy that everyone involved finally gets closure and a measure of justice. I am very proud of the Attorney General’s Office for fighting and winning one of the biggest consumer fraud cases we have ever filed and one of the only for-profit college cases to ever go to court. “

(Photo by Scott Olson / Getty Images)

A press release from the state attorney general’s office says students in the organization’s criminal justice program between 2009 and 2016 who received certified relief requests will receive cash payments to reimburse nearly 100% of what they paid to participate in the program. They will also receive compensation for payments they made on federal student loans, with additional restitution for students who took out illegal loans through schools with interest rates of up to 18%.

One of the Minnesota School of Business campuses was located northwest of Rochester. The money is distributed to just 900 former students who have enrolled in the criminal justice program and more than 3,000 who have documented that they were harmed by the illegal school loan program.

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