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Over 400K Student Loan Borrowers Are About To Receive Debt Relief —  Here's Why

Many student loan borrowers can expect to be compensated due to a vicious repayment scheme. Bloomberg reports Navient Corp. has reached a $1.85 billion settlement with 39 states for unethical student loan practices, which placed billions of dollars of debt into the hands of its borrowers. Navient Corp. will have to cancel $1.7 billion in private student loans for nearly 66,000 borrowers and pay $95 million in restitution, The New York Times reports. According to Delaware officials, Navient Corp. was responsible for ensuring its customers would be provided affordable repayment plans. Backing away from their word, Navient Corp. secretly pushed customers to take on expensive payments to be paid over an extended period. “The bottom line is this: Navient knew that people relied on their loans to make a better life for themselves and for their children,” Pennsylvania Attorney General Josh Shapiro said Thursday, in a press conference, according to Bloomberg. “Instead of helping them, they...

Jan 13, 2022