Students suffer extreme hardship when their postsecondary education is interrupted or significantly devalued by school closure or misconduct. Private postsecondary education in particular can cost tens of thousands of dollars in tuition, fees, equipment, and required materials. These considerable expenses constitute only part of the economic harm experienced by students of failed schools, who must also pay for housing, transportation, childcare, healthcare, and other basic needs that allow them to attend school. Students attending school to improve their future opportunities regularly forgo employment to pursue their studies and may exhaust financial assistance such as grants or fellowships on a failed education, putting legitimate educational opportunities out of reach. California's Student Tuition Recovery Fund (STRF) is a state-managed fund intended to relieve or mitigate the financial distress suffered by students who enrolled in private postsecondary institutions that close or commit misconduct. STRF is administered by the Bureau for Private Postsecondary Education (BPPE) and is available to students who were California residents at the time that they enrolled in an institution licensed by BPPE. This report examines the history of STRF and student loan forgiveness programs, describes the impact of school closures on students, and provides policy recommendations informed by student testimony and interviews conducted with legal aid providers and state government representatives.