The settlement agreement for Navient provides for $1.7 billion in private student loan cancellation. Here's who qualifies for relief:
, a federal student loan forgiveness program that can cancel the federal student loan debt for borrowers who were defrauded by their school.While no federal student loans are being forgiven or cancelled under the settlement agreement with Navient, many borrowers will receive a modest financial award called restitution. About 350,000 borrowers will be eligible for around $95 million in restitution, which comes out to around $260 to $270 per borrower.
Borrowers must have had at least one federal student loan that was eligible for income-driven repayment between October 2009 and January 2017, but they were instead steered into a forbearance as a result of a phone call with a Navient customer service agent. The borrower must not have been in an income-driven repayment plan prior to that forbearance.
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