Navient, one of the largest private student loan providers in the United States, has reached reconciliation with dozens of states for “seemingly trapping” thousands of borrowers on a costly repayment plan.
The settlement has hit one of the most famous student loan providers in the United States. Authorities have accused looting by scrutinizing the volatile and accelerating student debt buildup.
Under an agreement with 39 states in the United States, approximately $ 1.7 billion of private student loan debt owed by approximately 66,000 customers will be revoked, and Navient will pay students nationwide $ 95 million in repayments.
“Navient has long contributed to the national student debt crisis by tricking thousands of students into more debt and confining them,” New York Attorney General of New York’s Letitia James said in a statement. rice field. “Navients will not be able to line up their pockets at the expense of students seeking a college degree.”
According to a state survey, according to the Attorney General of New York, as of 2009, Navient had an expensive and long-term grace rather than advising on other repayment schemes added to the customer’s pile of debt. Pushed students struggling to repay their loans.
Authorities also said the company “provided predatory, subprime, and private loans” to students attending commercial schools and low-quality educational institutions, knowing that many of these borrowers could not repay the loans.
Mark Heleen, Navient’s Chief Legal Officer, said: Loan providers helped borrowers choose “the right payment options to suit their needs,” he said. Navient denied cheating.
read more Navient reconciliation here..
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