The agreement affects 66,000 student borrowers across 36 states and Washington, D.C.
The deal includes an agreement to cancel student loans for approximately 66,000 borrowers across 36 states and Washington, D.C. with loans from between 2002 and 2010 that "later defaulted charged off."
The total sum of those cancellations will total over $1.7 billion, with most of the amount already charged off, the company claimed.The company will also pay around $142.5 million in other penalties to a further 350,000 borrowers. It will also need to advise borrowers more clearly on their options and repayment plans.
"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,"
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