Lawyer Standard Josh Shapiro Announces $step 1.85 Million Landmark Settlement that have Education loan Servicer Navient
Payment boasts $1.eight billion with debt cancellation and you will $95 mil inside the restitution; Pennsylvania borrowers will get more than $70 billion into the relief
HARRISBURG–Lawyer General Josh Shapiro revealed today you to definitely Navient, known as among the many nation’s biggest student loan servicers, will offer relief totaling $1.85 billion to respond to accusations off common unfair, inaccurate, and you will abusive student loan upkeep methods and you can abuses when you look at the originating predatory college loans.
“Navient repeatedly and you can deliberately lay payouts before their individuals – they engaged in misleading and you will abusive techniques, targeted pupils whom it realized manage not be able to spend financing right back, and put an unjust load into the people trying to boost their lifetime owing to studies,” said Attorney General Shapiro. “The current payment corrects Navient’s prior decisions, provides much needed save to Pennsylvania individuals, and you may places positioned shelter to be certain this company never ever preys with the education loan borrowers once more.”