Navient settles predatory student loan claims for $1.85B | Business News
Helena Moon, 34, was accepted into her “dream college” — Howard University — when she was 18. When financial aid and scholarships weren’t enough, she sought out private loans and found herself beset with phone calls and letters from lenders after graduating. Moon, who lives in Washington D.C., said the experience was also stressful for her mother, a co-signer on the loans.
“This is a step forward in racial equality when you think about the percentage of African-Americans in debt in this country,” she said of the settlement.
Kelly Feeherry, 34, of Franklin, Massachusetts, described her experience using loans to attend an art school as a “living nightmare” that threatened to saddle her with lifelong debt.
“What the settlement will mean for me is that I can finally regain my credit,” she said.
Borrowers whose loans are canceled will receive notice from Navient along with refunds of any payments made after mid-2021.
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