The CFPB is ordering Bridgepoint to discharge all outstanding private loans the institution made to its students and to refund loan payments already made by borrowers. Loan forgiveness and refunds will total over $23.5 million in consumer relief. Bridgepoint must also pay an $8 million civil penalty to the bureau. Student borrowers eligible for relief are not required to take any action. And Bridgepoint must remove negative loan information from borrowers' credit reports and stop reporting information to debt collectors and credit reporting companies about private student loan debt. The consent order also requires the company to make the cost of college clear with mandatory financial aid shopping tool. The action comes one week after ITT Technical Institute announced it would close its more than 130 campuses after the government banned it from enrolling new students receiving federal aid.