Las Vegas

Student loan servicer Navient to award Nevada borrowers over $18M following $1.7B settlement

LAS VEGAS (KLAS) — One of the nation’s largest pupil loan servicers will present a complete of $1.7B following the announcement of a settlement with loan borrowers.

The settlement resolves claims that from way back to 2009, pupil loan servicer Navient steered pupil loan borrowers into expensive long-term forbearances as a substitute of counseling them on extra reasonably priced reimbursement plans.

The settlement contains $1.6B in debt cancellation and $95M in restitution.

As a part of the settlement, Nevada will obtain a complete of $1,053,752 in restitution funds for 3,952 federal loan borrowers.

Additionally, 592 Nevada borrowers will obtain a complete of $17,140,858 in personal loan debt cancellation. 

The settlement additionally contains necessities that require Navient to right and preserve its conduct sooner or later.

Nevada Attorney General, Aaron Ford added that the settlement will present much-needed assist to borrowers right here in Nevada.

“This settlement provides relief to thousands of Nevada students who were victims to Navient’s misrepresentations and predatory practices,” mentioned Nevada Attorney General, Aaron Ford. “This settlement also serves as a caution to other loan servicers that these practices will not be tolerated, and it is their responsibility to assist borrowers in an honest and professional manner.”  

Federal loan borrowers who qualify for reduction underneath this settlement don’t want to take any motion besides replace or create their studenthelp.gov account to make sure the U.S. Department of Education has their present handle. For extra info, go to NavientAGSettlement.com.

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