Navient, a major student loan servicing company, has settled allegations of predatory lending practices for $1.85 billion
Under the terms of the settlement, Navient will cancel more than $1.7 billion in subprime private student loans owed by over 66,000 borrowers nationwide, Shapiro said. Navient will also pay a total of $142.5 million, of which $95 million will be distributed to approximately 350,000 federal loan borrowers who were placed in certain types of long-term forbearances.
Forbearance refers to when a lender allows a borrower to pause or reduce payments for a limited time while they build back their finances. However, interest on the loan continues to accrue and could ultimately cause the amount to be repaid over the life of the loan to be higher.“Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs.
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.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Rob Gronkowski wouldn’t invite Tom Brady to dinner after $1 million bonusTom Brady may have helped Rob Gronkowski increase his bottom line Sunday, but that doesn’t mean it banked him a dinner invite.
Lire la suite »
NJ Transit gets $1.6B in aid as ridership drops during omicron surge, feds sayNJ Transit will receive $1.6 billion in federal coronavirus transit aid.
Lire la suite »
Citadel Securities takes in $1.15B investment from Sequoia and ParadigmCitadel announced VC investments from a Web3-focused firm, signaling a shift toward crypto.
Lire la suite »
$1.3B of Bitcoin Withdrawn from Exchanges as Miners' Reserves Reach Yearly HighBitcoin miners' reserves tapped a new one-year high following massive accumulation, while $1.3 billion in BTC was transferred out of exchanges in a day.
Lire la suite »
Golden Beer Can: Budweiser launches Willy Wonka-inspired contest with $1 million prizeBudweiser is giving everyone a chance to feel like Charlie in 'Willy Wonka & the Chocolate Factory' by launching a nationwide contest with a $1 million prize.
Lire la suite »
Student Loan Giant Navient Settles Allegations Of Predatory Lending Practices With 39 States For $1.85 BillionNavient, a large student loan servicer, has settled allegations of predatory lending practices for $1.85 billion, Pennsylvania’s attorney general announced Thursday.
Lire la suite »