Tens of thousands of people who took out student loans over the past 20 years could see their loans canceled or receive a check as part of a nationwide settlement with Navient. Here's how to check if you qualify
State officials say there are various situations that make borrowers eligible.
Forbearance is when lenders allow borrowers to pause or reduce payments for a limited time while they improve their finances. However, interest on the loan continues to accrue and can ultimately cause the amount paid over the life of the loan to grow.Borrowers who primarily will see their debt canceled took out private subprime student loans through Sallie Mae between 2002 and 2014, then had more than seven straight months of delinquent payments, state officials say.
"I tried my best to make ends meet, with my own financial issues going on and there was just no solution, they were never really willing to work with me," Miller said.The lawsuit filed by Pennsylvania in 2017 included other examples. Despite demonstrating this financial hardship to Navient, the company did not enroll the student in an"income-driven plan" to lower payments until 2015, six years after they were first allowed under federal law in 2009. Nearly $27,000 in interest was added to his loans after 2004, the lawsuit said.
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