(Photo courtesy of Attorney General Phil Weiser’s office)
Nearly 7,000 Coloradans pushed into onerous student loan repayment terms can expect checks in the mail as soon as this week as part of a settlement agreement. Navient, one of the country’s largest student loan servicers, has been ordered to provide $1.85 billion in relief to borrowers nationwide.
The settlement results from legal action brought by 39 state Attorneys General over allegations of predatory lending practices by the company.
As part of the settlement agreement, Navient will forgive around $35 million of student loan debt of more than 1300 Coloradans and send out restitution payments to around 7000 more.
KGNU’s Shannon Young got the details from Colorado State Attorney General Phil Weiser.