It's part of a multi-state settlement against the now-bankrupt and defunct ITT Techincal Institute.

The settlement includes 43 other states and the District of Columbia and, in total, will affect over 18,000 former students with 1,800 of them being from Michigan.

It states that the lending company Student CU Connect CUSO, LLC gave out $189 million in loans from 2009-2011.

Listen, we're not even gonna try to explain how this scheme worked - if you want the dirty details, click HERE.

On that same note, you can sit down with a cup of coffee and read the entire settlement HERE, if you can pick through the legal jargon.