Here's which Navient student loan borrowers may qualify for relief under $120 million settlement [CNBC]
Navient Corporation (NAVI)
Last navient corporation earnings: 4/21 04:14 pm
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Source: CNBC
The CFPB has not spelled out who will qualify for the consumer redress, said higher education expert Mark Kantrowitz. Still, “there are some clues in the settlement” about eligibility, Kantrowitz said. The Consumer Financial Protection Bureau last week said it had reached a $120 million settlement with student loan giant Navient that could lead to compensation for hundreds of thousands of borrowers. The CFPB accused Navient of steering student loan borrowers into expensive forbearances , miscalculating their bills and tarnishing their credit reports. Under the terms of the settlement , Navient is banned from servicing federal student loans ever again. A Navient spokesperson said the company disagreed with the consumer watchdog's charges. As part of the deal, $100 million will be used to make payments to impacted customers, as determined by the CFPB. The remaining $20 million will go to the CFPB's civil penalty fund Here's what to know about the bureau's upcoming relief.
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