The Biden administration announced Tuesday the cancellation of $130 million in federal student loans for 7,400 students who attended a Colorado-based college that has since permanently closed.

The latest debt cancellation, which comes amid a larger push by the administration to find ways to cancel student loans, applies only to borrowers who attended the Colorado locations of CollegeAmerica, a network of institutions owned by the Center for Excellence in Higher Education, a for-profit company.

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"From Day One of my Administration, I promised to rebuild the middle class, and to fight for hardworking American families," President Joe Biden said in a statement. "Today, we are taking another significant step to deliver on that promise by canceling $130 million in debt for 7,400 student borrowers who attended CollegeAmerica in Colorado. These borrowers were lied to, ripped off, and saddled with mountains of debt."

The cancellation is the latest effort by the administration to cancel loans for a large swath of borrowers. The Department of Education previously settled a lawsuit brought by borrowers who claimed to have been defrauded by for-profit colleges by canceling all loans held by students that attended some 150 schools.

Last year, the administration unveiled plans to forgive up to $20,000 in student loans for borrowers making less than $125,000 per year, the broadest student loan cancellation plan the administration has devised to date. The plan was challenged in court, and the U.S. Supreme Court ultimately struck it down last month.

But despite the setback, the department has continued to seek out ways to enact student loan forgiveness. Earlier this month, the administration announced it would be canceling more than $30 billion in student loans for 800,000 borrowers under the existing income-driven repayment program. The administration has also announced plans to pursue rulemaking under the Higher Education Act to enact a large-scale student loan cancellation.

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In a press release, the Department of Education said that the decision to cancel the student loans for CollegeAmerica attendees was made after an investigation by Colorado Attorney General Phil Weiser found that the schools had misrepresented themselves to students. CollegeAmerica's parent company, the Center for Excellence in Higher Education, closed all of its schools in 2021.

“I applaud the Department of Education for providing much-deserved relief to the many Coloradans who were mistreated by CollegeAmerica,” Weiser said in a statement. “CollegeAmerica knowingly took advantage of students by luring them into high-priced, low-quality programs with promises of high-earning potential and job placement that it knew were not attainable. Protecting borrowers from predatory lending and helping Coloradans navigate through student loan burdens will continue to be a priority for our office.”