NAVIENT SETTLEMENT: The multi-state settlement will include restitution paid to 43,000 Californians and the cancellation of private student loans owed by about 7,400 California borrowers.
— Student loan servicer Navient has agreed to settle allegations of misconduct by agreeing to cancel $1.7 billion in private student loans and paying $95 million in restitution for borrowers.
The California Attorney General’s Office had sued Navient in 2018, alleging the company violated the state’s Unfair Competition Law and False Advertising Law by steering vulnerable borrowers into forbearances and failing to advise them on the benefits of income-driven repayment programs.
The settlement requires Navient to make $95 million in restitution payments of about $260 each to approximately 357,000 borrowers, including 43,000 Californians. Navient also agreed to cancel more than $1.7 billion in subprime private student loans owed by approximately 66,000 borrowers nationwide. Approximately 7,400 California borrowers will receive about $261 million of that debt cancellation.
Moving forward, Navient will also have to make steps to prevent future misconduct, including making sure that call agents discuss the benefits of income-driven repayment with all borrowers who seek to lower or stop their payments; ensure call agents take time to give thorough and accurate information to borrowers; make changes to its payment-processing procedures that will benefit borrowers; limit or reduce certain fees for late payments or entering forbearances; and improve their billing...
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
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
続きを読む »
How to Get Your Employer to Help Pay Off Your Student LoansSome employers are offering student debt relief as part of a standard benefits package. The help can range from free guidance to direct payments on your loans.
続きを読む »
CA proposes student-loan repayments for workers committing to abortion careCalifornia wants to give $20 million in student-loan repayments and scholarships to health care workers who commit to providing abortion access
続きを読む »
'It will never go away unless someone does something drastic' --- Why borrowers may never be ready to resume student loan paymentsWhen will be the right time to stop the student loan payment pause? It’s going to be difficult to find a good time when borrowers feel ready to pay them, and stopping the pause could be unpopular politically:
続きを読む »
WSJ News Exclusive | Government Losses on Student Debt Climb Above $100 Billion Amid Pause on PaymentsWith costs mounting, congressional Republicans have asked the Education Department to release documents related to how the government calculates projected losses from students defaulting on loans.
続きを読む »