The settlement requires Navient to explain the benefits of income-driven repayment plans and to offer to estimate income-driven payment amounts before placing borrowers into optional forbearances.
Navient must also train specialists who will advise distressed borrowers concerning alternative repayment options and counsel public service workers concerning Public Service Loan Forgiveness and related programs.
As a result of the settlement, consumers receiving private loan cancellation will receive a notice from Navient along with refunds of any payments made on the canceled loans after June 30, 2021. “Today’s settlement requires Navient to fix their mistakes … and is an important step toward addressing our broken student loan repayment system,” Massachusetts Attorney General Maura Healey said at a press conference.
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