Numerous current and former heavily indebted student borrowers who attended schools previously owned by Corinthian Colleges will see the outstanding amount they owe reduced by 40 percent, under the terms of a deal struck by the CFPB, the Department of Education and ECMC Group, the new owner of a number of the schools. The total debt relief amounts to $480 million. Back in September, the CFPB sued Corinthian Colleges Inc. for allegedly luring tens of thousands of students to take out private loans, known as “Genesis loans,” to cover expensive tuition costs by advertising bogus job prospects and career services. The bureau also alleged that Corinthian used illegal debt collection tactics to strong-arm students into paying back those loans while ...