Navient, a major student loan collecting company, agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the U.S. and pay over $140 million in other penalties to settle allegations of abusive lending practices.
BOSTON — Navient “engaged in deceptive and abusive practices, targeted students who it knew would struggle to pay loans back, and placed an unfair burden on people trying to improve their lives through education,” Pennsylvania Attorney General Josh Shapiro, Among other things, he said, Navient misled borrowers who were having trouble making payments into entering what are known as long-term forbearances, which caused them to run up even more debt.
“Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs,” Chief Legal Officer Mark Heleen said in a statement. Massachusetts Attorney General Maura Healey called the settlement “an important step toward addressing our broken student loan repayment system.” is Ashley Hardin, 38, of Seattle. Hardin defaulted on about $108,000 in private student debt in 2020 after scrambling for more than a decade to try to pay off a loan she used to attend the Brooks Institute of Photography in California.
Helena Moon, 34, was accepted into her “dream college” — Howard University — when she was 18. When financial aid and scholarships weren’t enough, she sought out private loans and found herself beset with phone calls and letters from lenders after graduating. Moon, who lives in Washington D.C., said the experience was also stressful for her mother, a co-signer on the loans.
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