Maine’s attorney general says settling a nationwide class action lawsuit against student lender Naviant would net the state millions of dollars.
What Was the All About Trial?
The announcement was released Thursday when the alleged predatory moneylender decided to settle a lawsuit filed by 39 state attorneys general. In the filing, Naviant was accused of convincing students to enroll in long-term abstentions, instead of educating them on more affordable options, despite the fact that a large percentage of those students would not able to repay their loans. According to the settlement, the company did not admit any wrongdoing or illegal actions. The total amount of the agreed settlement is $1.85 billion.
How much will Maine get from the settlement?
AG Frey detailed, in a press release, how much money will come to Maine.
Maine will receive a total of $308,422 in restitution payments for more than 1,157 federal borrowers. Additionally, Maine borrowers will receive a total of $4,896,415 million in private loan debt forgiveness.
This settlement will provide financial relief to many students who are struggling under the burden of student debt, long after graduation.
How will the refund work?
Eligible borrowers will receive notice from Navient of private loan debt cancellation, along with refunds of all payments made on canceled private loans made after June 30, 2021. Federal borrowers eligible for a restitution payment will receive a postcard by post in the spring. No action is required on the part of eligible federal borrowers except to update or create their student aid account to ensure that the US Department of Education has their current address.
Find more information about this case at a website set up specifically for the Naviant settlement.
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