Navient student loan settlement details: A Breakdown
Navient, one of the prime providers of student loans services with assets exceeding some of the Fortune 500 companies, has been the subject of many other large price settlements in the past years and each of them provided significant relief to countless borrowers. The participants come from allegations regarding predatory lending, deceptive customers, and bad customer service.Navient student loan settlement details
Key Settlements and Relief Navient student loan settlement details
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2022 Multi-State Attorney General Settlement: 1. 2022 Multi-State Attorney General Settlement:
Relief: Relief:
$1.7 billion in private student loan forgiveness for approximately 66,000 borrowers.
$95,000,000 in restitution to money claimants for Navient’s misconduct.
2023 Bankruptcy Class Action Settlement: 2. 2023 Bankruptcy Class Action Settlement:
Relief: Relief:
A total of $182.4 million of debt relief for debtors whose debts should have been made void under bankruptcy.
2024 CFPB Settlement: 3. 2024 CFPB Settlement:
Relief: Relief:
A total of $100 million in payments of redress to borrowers whose businesses were detrimentally affected by Navient’s actions.
$20 million civil penalty to the CFPB.
Ban on Federal Loan Servicing: Navient is permanently banned from servicing federal student loans.
How to Check if You’re Eligible for Relief
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Check the Settlement Websites: Search the web sites of target communities to see if you qualify.
Contact Your Loan Servicer: Reach out to your present loan servicer to determine if any relief is available or to discuss your concerns.
Seek legal advice to understand your rights and options.
It should be noted that, as opposed to each other, the eligibility criteria for the environment and the period of the claimant filing may not be the same in settlement.
Important Considerations
Stay Informed: Maintain responsiveness to all new releases and Navient settlement information.
Be Wary of Scams: Beware of fraud that seeks to manipulate borrowers in some way for relief.
Act Promptly: If you feel you meet the criteria, take action by filing a claim, or contact your loan servicer by the noted deadlines.
Considering the knowledge of these communities and their behaviour, borrowers could be selected to an important relief in the store of student loans they owe.
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