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News Articles: Navient

Navient, one of the country’s largest student loan servicers, has reached a $120 million settlement with the Consumer Financial Protection Bureau — resulting in the company being permanently banned from servicing federal student loans.

Navient reaches $120 million settlement for misleading student loan borrowers

According to the Consumer Financial Protection Bureau, $100 million will be used to make payments to impacted borrowers in a settlement with the former servicer of student loans.

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By:
  • Jonathan Franklin
As part of the settlement, the loan servicing company Navient agreed to pay $95 million for states to offer affected borrowers some reimbursement — roughly $260 each to 350,000 borrowers.

Navient reaches a deal to cancel $1.7 billion in student loan debts

The loan servicing giant has agreed to cancel student loan debts owed by roughly 66,000 borrowers as part of a settlement reached with 39 state attorneys general.

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By:
  • Cory Turner