After Navient settlement, some hope for clearer, easier student loan process
In the wake of last week’s $1.85 billion settlement between student-loan servicer Navient and attorneys general across the country, some financial aid officials at local colleges are hopeful that the process of paying back student loans may become easier.
Navient agreed to pay to resolve allegations of unfair practices, particularly those associated with issuing subprime, private loans and directing borrowers into forbearances that accumulated more debt.
In the state of Pennsylvania, approximately 13,000 borrowers will receive $3.5 million in restitution payments, and 2,467 more will receive $67 million in student debt cancellation as a result of the settlement.
A portion of this story is shared with you as a digital media exclusive. More will be available later for subscribers. Please consider supporting our local, independent newsroom by subscribing at butlereagle.com.
Subscribers can read the whole story at this link.