Navient Reaches $1.85B Deal To End Student Lending Probes
By Dean Seal (January 13, 2022, 2:30 PM EST) -- Navient Corp. has agreed to cancel $1.7 billion in student loan debt and pay $142.5 million to resolve claims that the student loan servicer engaged in predatory practices for a number of years, several state attorneys general said Thursday.
A coalition of 39 state AGs worked together on the settlement after a multistate investigation found that, since 2009, Navient has steered struggling student loan borrowers into costly long-term forbearances rather than more affordable, income-based repayment plans.
The company is also accused of originating predatory subprime private loans to students at for-profit schools and colleges with low graduation rates, knowing that a...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!