Navient Student Loan Processor To Cancel $1.7 Billion In Student Loan Debt

Posted January 13, 2022 by TREMG

Student loan processor Navient required to cancel $1.7 billion in student loans. The settlement, announced on Thursday, resulted from accusations that the lender gave out loans to millions of borrowers who’d be unlikely to be able to repay them. The agreements resolve all six outstanding state lawsuits against Navient, company officials stated.

.@Navient drove borrowers toward high-cost loans that it expected borrowers to default on “at rates as high as 92 percent.” These doomed loans helped .@Navient build lucrative relationships with colleges—but ruined countless borrowers’ financial futures. https://t.co/GnUWHEN1ZZ
— Student Borrower Protection Center (@theSBPC) January 13, 2022

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