Navient will cancel $1.7 billion in delinquent private student loans for nearly 66,000 borrowers.
“The company’s decision to resolve these matters, which were based on unfounded claims, allows us to avoid the additional burden, expense, time and distraction to prevail in court,” Mark Heleen, Navient’s chief legal officer, said in. “Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs.
Navient said it would notify the borrowers and co-signers after the agreements receive final court approvals.
. “Navient has been one the worst actors in the student loan servicing market, and this settlement is a step toward accountability, providing direct relief for many of our most vulnerable student borrowers.”
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