Private Lender Forgives $1.7B in Student Loans
Navient, a private student loan agency, just announced that it will cancel the loans of 66,000 different borrowers — the amount of loans forgiven totals $1.7 billion.
Navient will forgive the privately-issued loans in an agreement with the attorney generals of 40 different states. Navient’s move will avoid six lawsuits against the lender claiming that the company engaged in deceptive lending practices. Navient will make a $145 million payment to the states involved in the settlement.