Navient Cancels $1.7 Billion in Private Student Loan Debt. Your Turn, Feds
reported Thursday. The loan cancellation is a part of deal reached between Navient and 38 states, and Washington, D.C., for a sum of $1.85 billion.Navient was accused of predatory practices such as encouraging borrowers to postpone payments to their
private loans in lieu of counseling them on income-based repayment plans. The legal probes into the company’s practices date back to 2009 and prompted the deal to include $95 million of restitution payments to be split between more than 350,000 borrowers in “long-term forbearances,”Those who qualify for forgiveness don’t have to opt into the settlement.
is still paying off his own student loans. “Navient knew that people relied on their loans to make a better life for themselves and for their children. Instead of helping them, they ran a multibillion dollar scam,” he told reporters. Despite agreeing to the settlement, Navient, once the country’s largest student loan servicer, is vehemently denying harming their borrowers or breaking any laws. “The company’s decision to resolve these matters, which were based on unfounded claims, allows us to avoid the additional burden, expense, time and distraction to prevail in court,” Navient’s chief legal officer Mark Heleen said in a statement.
Congratulations to the roughly 66,000 borrowers who will see their predatory private student loans forgiven and to the 350,000 getting a check! I hope the Biden administration takes notes about this easy way to earn back voters’ trust as the
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Student loan processor Navient required to cancel $1.7 billion in student loansNavient, one of the largest student loan servicers, will cancel $1.7 billion in private student loans after a deal it reached with 39 states.
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Student-Loan Processor Navient to Cancel $1.7 Billion of DebtsBreaking: Navient, one of the nation’s largest student-loan processors, will cancel the debt of 66,000 borrowers, totaling $1.7 billion, in a deal with several states
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Navient To Cancel $1.7 Billion In Private Student Loans, Pay $95 Million In Restitution To BorrowersThe settlement requires Navient to make $95 million in restitution payments of about $260 each to approximately 357,000 borrowers and cancel more than $1.7 billion in subprime private student loans owed by approximately 66,000 borrowers nationwide.
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Student loan processor Navient required to cancel $1.7 billion in student loansNavient, one of the largest student loan servicers, will cancel $1.7 billion in private student loans after a deal it reached with 39 states.
続きを読む »
Student-Loan Processor Navient to Cancel $1.7 Billion of DebtsBreaking: Navient, one of the nation’s largest student-loan processors, will cancel the debt of 66,000 borrowers, totaling $1.7 billion, in a deal with several states
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