Student-Loan Processor Navient to Cancel $1.7 Billion of Debts

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Breaking: Navient, one of the nation’s largest student-loan processors, will cancel the debt of 66,000 borrowers, totaling $1.7 billion, in a deal with several states

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, the company said. The loans in question are private loans, meaning they are not guaranteed by the federal government. As part of the settlement, the company will make a one-time payment of approximately $145 million to the states.

All of the loans forgiven in the agreement were in default, and most originated between 2002 and 2010 atNavient has faced numerous lawsuits in recent years that alleged the company engaged in unfair and deceptive conduct against borrowers. Last March, a Seattle-area judge ruled that the company had broken a consumer protection law in a case brought by Washington’s attorney general.

In addition to loan cancellation and some restitution for borrowers with private loans, Navient will pay $95 million to about 350,000 federal loan borrowers—or about $260 each—who were placed into certain types of forbearance programs that caused them to accumulate more debt rather than entering income-based repayment plans, the states said.

As part of the agreement, Navient continued to deny the claims or that the company has harmed any borrowers.

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😲😲😲😲😲

Get government out of student loans.

So who picks up this tab? Nothing is free.

👍💙👍Sounds good 👍

I should have never paid those loans off...

considering 4,000.000 people have substantial student debt, to cancel just over 1% is a good start.

Democrats gearing up for the primary. Buying votes

I hope that includes NaviRefinance!

HELBpage come and see this. Learn from your elders ASAP

Wow

Weird how Navient also just offloaded a bunch of student-loan accounts to another lender…

Do people who paid them off get to get in on this ?

KeepItBlueDems How generous of them after you pay 3X what you originally borrowed!!! Fucking sharks!

🙋🏾‍♂️ Excuse me Mr and Mrs I asked y’all to look into “Nelnet” my student loans are with “N-E-L-N-E-T. Thank you regards- Whistleblower

That is unbelievable if it is true.our hats off to Navient

Why did I pay mine off right away?

Navient has been giving the ppl hell for ages

Don’t refinance your student loans! It could prevent you from getting them forgiven.

MaddowBlog Breaking: the headline is misleading clickbait journalism. Hence, so is your retweet. It was a court settlement. Reuters got it right.

I wonder if a certain someone in the government is working his magic?

MaddowBlog How many are of non white debts? It would be interesting to see how they come to that decision.

Just after they got rid of my loans to another company.

“All of the loans forgiven in the agreement were in default, and most originated between 2002 and 2010 at Sallie Mae, prior to Navient’s spinoff from the student-lending giant.” So rewarding those who didn’t pay cuz they weren’t gonna get a dime anyway?

$1.7 billion worth of student loan debt forgiven!

How do I find out if I'm one of the qualified ones to cancel my debt

I hope mine is included in this.

Dang I just made my last payment.

MaddowBlog Now *that's* what I'm talking about!!!

Do the people who paid it off get their money back? What does this say about personal accountability?

MaddowBlog So the lesson here is to sue them into submission because Biden ain’t helping you all.

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