U.S. Bank has agreed to cancel more than $230,000 in student debt for former students of the now-closed New England Institute of Art as part of a settlement with the Massachusetts attorney general’s office involving lines of credit the art school provided to students.

U.S. Bank did not provide the lines of credit but acted as an agent for lenders that took ownership of the accounts in 2018, according to a statement from the attorney general’s office. The lenders took over the accounts to partially satisfy a debt owed to them by Education Management Corporation (EDMC), the company that owned and operated the Brookline-based New England Institute of Art, a for-profit college that closed in 2017.

Some NEIA students had taken the private lines of credit offered by EDMC, the statement said, to finance the high cost of NEIA’s tuition. These lines of credit were used in addition to federal and private loans.

The attorney general’s office in 2018 had filed a lawsuit alleging that NEIA and EDMC had violated the Massachusetts Consumer Protection Act by misrepresenting the likelihood that prospective students would find jobs in an effort to encourage enrollment.

A judgment from Suffolk Superior Court in 2019 ordered NEIA and EDMC to pay restitution of about $60 million plus interest based on the amount of tuition paid by NEIA students, as well as $11.765 million in penalties.

As part of a settlement reached Friday with the attorney general’s office, U.S. Bank will discharge more than $230,000 in debt for the students who had taken the private lines of credit. U.S. Bank will also return more than $30,000 in recent payments to Massachusetts, and those funds will be returned to borrowers who made the payments.

“Students who went to NEIA have been stuck with unnecessary debt from this predatory school that lured them in with false promises of good-paying jobs,” Attorney General Maura Healey said in the statement. “Today’s settlement brings much-needed relief to students struggling with their loans. We remain committed to obtaining relief for students affected by these unfair practices.”