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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 ...
Navient agreed to Thursday’s settlement without admitting any wrongdoing, saying in a press release that the agreement “puts these decade-old issues behind us.” Contact us at letters@time.com .
Tens of thousands of people who took out student loans over the past 20 years could see their loans canceled or receive a small check as part of a nationwide settlement with Navient, a major ...
In 2022, Navient entered into a $1.85 billion settlement over accusations that it had misled borrowers into costly repayment plans and predatory loans. The settlement spanned 39 states and the District of Columbia and included $1.7 billion in loan cancellations and $95 million in payouts. [ 49 ]
The settlement includes $182 million in debt relief and $16 million cash compensation for impacted borrowers along with help to improve their credit scores as a result of the illegal collections.
The settlement will result in the cancellation of $1.7 billion in student loans. Another $95 million will be distributed in restitution payments.
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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 ...