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Nearly $2 billion settlement over Navient student loan practices

Source: Danielle Douglas-Gabriel, Washington Post (Paid Registration)

Navient, one of the nation’s largest student loan companies, has inked a $1.85 billion settlement with a coalition of state attorneys general to resolve allegations that it steered borrowers into costly repayment plans and predatory loans.

The agreement to be announced puts to rest multiple state probes into the company’s loan servicing and lending practices dating back to when it was known as Sallie Mae. The agreement spans 39 states and the District and will deliver $1.7 billion in private student loan cancellation to 66,000 borrowers nationwide, and another $95 million in payouts.

Read Full Article: Nearly $2 billion settlement over Navient student loan practices

 

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