Navient, one of the largest student loan processors in the U.S., will cancel the debt of 66,000 borrowers bringing the total to $1.7 billion.
STUDENT LOAN PROCESSOR NAVIENT HAS REPORTEDLY REACHED A DEAL WITH AT LEAST 40 STATES TO SETTLE CLAIMS OF PREDATORY LENDING FOR DEBTS THAT WERE UNLIKELY TO BE PAID BACK. — Student loan processor Navient is set to cancel nearly $2 billion in debt in an agreement with 40 state attorneys general as the Wall Street Journal reports.
As the New York Times reports, the deal also forces Navient to settle claims totaling $1.85 billion with 39 states to settle predatory student loan claims for borrowers who were said to be highly unlikely to be able to pay back the debt.
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