66,000 borrowers will have their student loan debt forgiven by Navient for a total of (dollar)1.7 billion.


66,000 borrowers will have their student loan debt forgiven thanks to Navient.

TENS OF THOUSANDS OF AMERICANS are getting (dollar)1.7 billion in student debt relief thanks to a student loan giant.

Navient Corp., a student loan processor, announced on Thursday that it had reached a legal agreement with nearly 40 states.

Several law suits have been filed against Navient in recent years, alleging that the company has engaged in unfair and misleading practices.

“Navient repeatedly and deliberately put profits ahead of its borrowers—it engaged in deceptive and abusive practices, targeted students who it knew would struggle to repay loans, and unfairly burdened people trying to improve their lives through education,” said Pennsylvania Attorney General Josh Shapiro.

Navient will make a one-time payment to the states of approximately (dollar)145 million as part of the agreement.

While Navient denies breaking any laws, 66,000 borrowers with “qualifying private education loans” will have their student debts forgiven.

There will be more to come…

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