One of the biggest student loan servicing companies has been taken to court thanks to their alleged predatory practices.
A settlement has recently been reached which will cancel some student loans as well as giving payouts.
You may be wondering if you qualify for loan forgiveness through Navient.
What is the best loan option?
Student loans and Navient explained
Numerous states have accused the servicer of leading students to choose options that are more expensive with higher interest rates.
They’re also accused of targeting those with poor credit who were in desperate need of the service.
Public service loan forgiveness
These practices have been happening since 2009.
39 states reached a settlement which amounted to $1.85 billion dollars on Jan. 13.
The settlement was a combination of $1.7 billion dollars for loan debt and $95 million for restitution.
Who can benefit from the student loan settlement?
You need to have been one of the borrowers that used this type of loan from Navient.
Are student loans allowed to be used for rent?
You’ll be contacted if you qualify.
This means you do not need to check or apply because you’ll automatically be notified.
If you think you may be one of those people, make sure your mailing address is accurate in your studentaid.gov account.
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