Navient student loan settlement payments are arriving. What to know.
Payments from a $120 million settlement between the CFPB and Navient are being distributed to eligible student loan borrowers.Summary
Payments from a settlement between the Consumer Financial Protection Bureau (CFPB) and Navient are now being sent to eligible student loan borrowers. The CFPB accused Navient of deceptive practices, including steering borrowers away from more affordable repayment plans, resulting in higher interest payments. Navient, while disputing the allegations, agreed to pay $120 million, with $100 million allocated to borrower compensation, and cease servicing federal student loans.
Eligible borrowers will receive a check in the mail, with payments ranging from approximately $100 to $2,000, as reported on social media. The CFPB initially filed the lawsuit in 2017, but payouts were delayed for over a year due to actions taken during the Trump administration that limited the CFPB’s effectiveness, according to consumer advocates.
Borrowers who believe they are eligible but haven’t received a payment are advised to contact Rust Consulting, the administrator of the settlement payments, for assistance. The CFPB website provides further information regarding eligibility and the settlement process.
(Source：Usa Today)