Navient agreed to pay nearly $2 billion to settle claims by 38 states and the District of Columbia it deceived thousands of borrows into costly, long-term, forbearance plans that caused students to pay more than they should have.
Andrew Kelly/Reuters
"They ran a multi-billion dollar scam," Pennsylvania Attorney General Josh Shapiro said during a news conference announcing the settlement agreement. "What Navient did was deceive them," Washington Attorney General Bob Ferguson. "All they got was a push into a bad plan, this forbearance plan." Borrowers receiving private loan debt cancellation will receive a notice from Navient, along with refunds of any payments made on the cancelled private loans after June 30, 2021. Federal loan borrowers who are eligible for a restitution payment of approximately $260 will receive a postcard in the mail from the settlement administrator later this spring.Navient has denied any violation of the law.
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