FRANKFORT, Ky. – Attorney General Daniel Cameron announced a $1.85 billion settlement between 39 attorneys general and Navient Corporation (Navient) and its subsidiaries related to their servicing of student loans.

Navient, labeled as among the many country’s prominent student loan servicers, features agreed to shell out $step one.85 billion so you can 38 claims additionally the District from Columbia. Kentucky gets $step 1,419,, in addition to $step one,241,950 in the restitution in order to cuatro,659 Kentucky borrowers.

Brand new agree judgement resolves accusations off consumer safeguards law abuses related so you can Navient’s presumably deceptive student loan maintenance strategies. According to the regards to the settlement, Navient usually terminate the remainder balance of over $step 1.six million in private student loan balances to possess 62,000 borrowers nationwide, and additionally $43,042,898 billion for the balance for 2,155 Kentuckians.

Individuals that have terminated individual finance, because of the present payment, can get an alerts out of Navient and you can a refund to have repayments generated after

• Give an explanation for advantages of earnings-passionate installment plans and supply to estimate income-determined commission quantity in advance of placing consumers on optional forbearances.Continue reading→