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Student loan manager Navient to award Nevada borrowers more than $18 million after $1.7 billion settlement

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Student loan manager Navient to award Nevada borrowers more than $18 million after $1.7 billion settlement

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LAS VEGAS (KLAS) — One of the nation’s largest student loan managers will present a total of $1.7 billion after announcing a settlement with borrowers.

The settlement resolves allegations that, since 2009, student loan manager Navient has steered student loan borrowers toward costly long-term forbearances instead of advising them on more affordable repayment plans.

The settlement contains $1.6 billion in debt forgiveness and $95 million in restitution.

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

Additionally, 592 Nevada borrowers will get a total of $17,140,858 in personal loan debt forgiveness.

The settlement also contains necessities that force Navient to straighten out and preserve his ride sooner or later.

Nevada Attorney General Aaron Ford added that the settlement will provide much-needed help to borrowers right here in Nevada.

“This settlement provides relief to thousands of Nevada students who have been victimized by Navient’s misrepresentations and predatory practices,” Nevada Attorney General Aaron Ford said. “This regulation also serves as a warning to other loan officers that these practices will not be tolerated, and it is their responsibility to assist borrowers in an honest and professional manner.”

Federal borrowers who qualify for a reduction under this settlement want to do nothing more than replace or create their studenthelp.gov account to ensure that the US Department of Education has their current name. For more information, visit NavientAGSettlement.com.

Student loan manager Navient to award Nevada borrowers more than $18 million after $1.7 billion settlement

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