![]() Sign up for ’s free weekly newsletter here. Those eligible for a settlement payment should receive a postcard in the mail sometime this spring, with checks hoping to be sent out in mid-2022.Ĭonsumers who are eligible for loan cancellation should receive a letter from Navient regarding the discharge of their debt by July 2022.ĭon’t miss out on settlement news like this. If you’re covered by the Navient settlement, you do not need to take any action. How do I get my Navient settlement money? More detailed information on who’s covered can be found under questions four and six in the official settlement website’s FAQs section. Importantly, loans eligible for cancellation must have been past due for more than seven consecutive months prior to June 30, 2021. A full list of the covered for-profit schools can be found at the settlement website in a chart under question six. The loan cancellations mostly affect those who attended for-profit schools, such as DeVry University, ITT Technical Institute and Kaplan University. Through the settlement, roughly 350,000 federal student loan borrowers who were placed into certain long-term forbearance programs by Navient will receive around $260 each, amounting to $95 million in compensation.Īs part of the deal, Navient is also obligated to cancel the remaining balances on private loans taken out by approximately 66,000 students, totaling $1.7 billion, between 20. “Navient knew that people relied on their loans to make a better life for themselves and for their children and instead of helping them, they ran a multibillion dollar scam,” Pennsylvania Attorney General Josh Shapiro said at a January 13 press conference. ![]() who were allegedly scammed by the company. Navient will provide debt relief to more than 400,000 student loan borrowers after the company agreed to a $1.85 billion settlement with a number of state attorneys general.Īlthough the settlement is not the result of class action litigation (more on this below) over Navient’s unfair handling and predatory issuance of student loans, it amounts to sufficient relief for hundreds of thousands of borrowers across 38 states and Washington D.C.
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