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Navient settles predatory student loan claims for $1.85B

Pennsylvania’s attorney general announced Thursday that Navent, a large student loan provider, has settled allegations of predatory lending practices for $1.85 billion.

In a press release, Attorney General Josh Shapiro said the settlement includes canceling $1.7 billion in debt and repaying $95 million.

“Navient repeatedly advances profits before borrowers — it has engaged in deceptive and abusive practices, targeted students who I knew would struggle to repay loans, and imposed an unfair burden on people trying to improve their lives through education,” Shapiro said in the release.

Shapiro said the settlement includes 39 state attorneys general and resolves allegations that Navient drove student borrowers into long-term forays rather than advising them on less expensive payment plans.

The New York Times reported that Navint said she did not act illegally and did not admit any wrongdoing in the settlement.

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“The company’s decision to resolve these matters, which were based on unsubstantiated allegations, allows us to avoid the additional burden, expense, time and distraction in court,” said Mark Helen, Navient’s chief legal officer, according to The Times.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

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