Thousands of Arizonans should get some relief on their student loans as part of a nationwide settlement with loan servicer Navient.
About 2,200 Arizona borrowers are expected to receive over $54 million in debt relief, and more than 12,400 Arizonans will receive over $3.3 million in restitution under the proposed court settlement agreement, according to the Arizona Attorney General’s Office.
The $1.85 billion settlement, announced Thursday, resolves a lawsuit brought by a handful of states that claimed Navient had used unfair, predatory and deceptive student loan servicing practices, which Navient has denied.
Attorneys general argued that Navient had funneled borrowers into costly forbearances instead of letting them know about the benefits of more cost-effective payment plans, for example, and had issued unfair https://getbadcreditloan.com/payday-loans-tx/freer/ loans to students at for-profit schools.
It’s disappointing how Navient took advantage of distressed loan borrowers who were simply trying to get an education to better their lives, Arizona Attorney General Mark Brnovich said in a statement. Continue reading “Thousands of Arizona student loan borrowers can expect relief after Navient settlement”
