Navient will cancel $1.7 billion in student loans—here's when borrowers will see relief. (via CNBCMakeIt)
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The settlement, coordinated by a coalition of 39 attorneys general, resolves claims dating back to 2009 and will result in $1.7 billion in debt cancellation and $95 million in restitution. The restitution funds will be distributed to approximately 350,000 eligible federal student loan borrowers, who will be notified of their eligibility for a $260 restitution payment via a mailed postcard this spring.
. "Today's settlement corrects Navient's past behavior, provides much needed relief to Pennsylvania borrowers, and puts in place safeguards to ensure this company never preys on student loan borrowers again.", Navient executives continued to push back against the claims.
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