Student Loan Giant Navient Settles Allegations Of Predatory Lending Practices With 39 States For $1.85 Billion

  • 📰 CBS Philly
  • ⏱ Reading Time:
  • 47 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 63%

United States Headlines News

United States Latest News,United States Headlines

Navient, a large student loan servicer, has settled allegations of predatory lending practices for $1.85 billion, Pennsylvania’s attorney general announced Thursday.

LISTEN: 'Everybody Is Conscious': 911 Call Gives Glimpse Into Terrifying Moments After Drexel Hill Medical Helicopter Crash

Shapiro said the subprime loans were made “to borrowers they knew could not pay the money back,” a situation similar to the 2008 mortgage crisis. Additionally, he said, Navient “mislead borrowers into forbearances … and led many to accumulate more debt and never-ending interest payments.” “Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs. In fact, we’ve driven up income-driven repayment plan enrollment and driven down default rates, and every year, hundreds of thousands of borrowers we support successfully pay off their student loans,” said Navient Chief Legal Officer Mark Heleen in a statement.

Navient must also train specialists who will advise distressed borrowers concerning alternative repayment options and counsel public service workers concerning Public Service Loan Forgiveness and related programs.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 308. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rob Gronkowski wouldn’t invite Tom Brady to dinner after $1 million bonusTom Brady may have helped Rob Gronkowski increase his bottom line Sunday, but that doesn’t mean it banked him a dinner invite.
Source: nypost - 🏆 91. / 67 Read more »

NJ Transit gets $1.6B in aid as ridership drops during omicron surge, feds sayNJ Transit will receive $1.6 billion in federal coronavirus transit aid. yeah and watch them still raise their rates 🙄😑😒
Source: njdotcom - 🏆 282. / 63 Read more »

Citadel Securities takes in $1.15B investment from Sequoia and ParadigmCitadel announced VC investments from a Web3-focused firm, signaling a shift toward crypto. Bitcoin is still above $43k.A bounce is expecting from here target at 47K The biggest risk with bitcoin has been not owning it at this point not having any BTC feels irresponsible buy the dip Bravo 27EllenA Made us proud her TA tips have been very helpful, I’ve been super What if we just bought Bitcoin a year after the market top? Wanna know how Snoop is fighting INFLATION and why BANKS don’t like him? Check here :
Source: Cointelegraph - 🏆 562. / 51 Read more »

$1.3B of Bitcoin Withdrawn from Exchanges as Miners' Reserves Reach Yearly HighBitcoin miners' reserves tapped a new one-year high following massive accumulation, while $1.3 billion in BTC was transferred out of exchanges in a day.
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Golden Beer Can: Budweiser launches Willy Wonka-inspired contest with $1 million prizeBudweiser is giving everyone a chance to feel like Charlie in 'Willy Wonka & the Chocolate Factory' by launching a nationwide contest with a $1 million prize.
Source: cleveland19news - 🏆 70. / 68 Read more »

Student loan processor Navient required to cancel $1.7 billion in student loansNavient, one of the largest student loan servicers, will cancel $1.7 billion in private student loans after a deal it reached with 39 states. Truly the corona virus pandemic have really affected me financially, but with of the help Anthony_Claw through her Forex investment, I’m gradually getting back on my feet financially Which 39 states? Hmm. College debt cancellation. I would like more information on this case. I can see the gov. Then turning around and including navient in their next spending bill. A roundabout to getting what the progressives want.
Source: CNBC - 🏆 12. / 72 Read more »