Secretary of Education Arne Duncan announced on Monday that the Education Department would forgive the loans of tens of thousands of students who attended Corinthian Colleges. The for-profit college company closed and filed for bankruptcy last month amid charges of fraud. The company has been accused of falsifying placement rates, publicizing deceptive marketing and engaging in predatory recruiting by targeting the most vulnerable low-income students. For-profit colleges get the majority of their revenue from federal student loans -- and account for nearly half of the defaults on these loans. If all 350,000 Corinthian students over the last five years applied for and received the debt relief, the cost could be as high as $3.5 billion.