'With one stroke of the pen, President Biden could CancelStudentDebt for tens of millions and show the American people that the government is on their side,' says ewarren.
"With one stroke of the pen, President Biden could #CancelStudentDebt for tens of millions and show the American people that the government is on their side."As one of the largest U.S. educational lenders on Thursday agreed to pay $1.85 billion to 39 states to resolve predatory lending claims, progressive lawmakers and advocates renewed calls for the cancellation of all outstanding student loan debt.
"At long last, the student loan borrowers who had been forced to shoulder the burden of dangerous and predatory private student loans made by Sallie Mae and owned by Navient will finally be debt-free," Mike Pierce, executive director of the Student Borrower Protection Center, said in a statement. "All student loans are predatory because no one should have to go into debt to get an education," she tweeted.
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$1.7B in student loan debt to be canceled after 39 states reach settlement with NavientThe $1.7 billion in student loans will be forgiven for about 66,000 people who took private loans from Navient to attend certain for-profit institutions.
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Settlement: Navient agrees to cancel $1.85B in student loan claimsNavient will cancel $1.7 billion in delinquent private student loans for nearly 66,000 borrowers.
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Navient Settles Predatory Student Loan Claims for $1.85BNavient, a major student loan servicing company, has settled allegations of predatory lending practices for $1.85 billion
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Navient settles predatory student loan claims for $1.85BThe settlement requires Navient to explain the benefits of income-driven repayment plans and to offer to estimate income-driven payment amounts before placing borrowers into optional forbearances.
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After Navient Deal, Let's Cancel All Student Loan Debt, OK?In a settlement with 39 states, the student loan servicer was forced to forgive the debt of roughly 66,000 students.
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Navient to cancel nearly $2 billion in student debtStudent loan processor Navient has reportedly reached a deal with at least 40 states to settle claims of predatory lending for debts that were unlikely to be paid back.
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