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Private student loan borrowers who filed for bankruptcy are finally getting some relief from student loan provider, Navient Corp. (), to the tune of $198 million.Navient settled a lawsuit with ...
If approved by the court, the agreement will settle a 2017 lawsuit, in which the U.S. Consumer Financial Protection Bureau (CFPB) accused Navient of misleading student loan borrowers and not ...
The lawsuit filed by Pennsylvania in 2017 included other examples. One student who enrolled in a master’s degree program did not complete the degree and struggled to repay the loan, it said.
In recent years, some student loan servicers have gone under legal scrutiny for alleged wrongdoing. Navient, formerly Sallie Mae, was charged with multiple class action lawsuits for their loan servicing methods. Navient was also sued by the Consumer Financial Protection Bureau (CFPB) for improper handling of borrower relations.
In 2022, Navient offered relief or restitution to select borrowers following a lawsuit by 39 state attorneys general. Eligible borrowers were notified by email in 2022 and received relief ...
Navient Corporation is an American student loan servicer based in Wilmington, Delaware.Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient.
Student loans cannot be discharged in a bankruptcy proceeding unless the debtor can demonstrate "undue hardship." [44] After the passage of the bankruptcy reform bill of 2005, even private student loans are not discharged during bankruptcy. This provided a credit risk free loan for the lender, averaging 7 percent a year.
Navient is barred from federal student loan servicing and has to pay $120 million in fines and compensation to the borrowers harmed by its practices, according to a proposed settlement with the ...