Law360, New York (January 5, 2016, 3:24 PM EST) -- Sallie Mae spinoff Navient Corp. has reached a settlement in a proposed class action accusing the company of misappropriating advance payments on student loans, leading to the case being dismissed from Illinois federal court Monday.
The agreement was reached in December and that the details are confidential. Under the settlement the case is to be dismissed with prejudice, according to Monday's stipulation of dismissal.
The suit alleged Navient took advantage of borrowers who tried to pay their loans off early. If someone put extra money toward a student loan payment, Navient would use that money for future payments instead of putting...
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