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Navient settles with US CFPB for $120 million over ‘wide-ranging’ student lending failures

( September 12, 2024, 16:52 GMT | Official Statement) -- MLex Summary: Navient has agreed to pay $120 million to resolve US Consumer Financial Protection Bureau claims that it steered student loan borrowers into costly repayment options and deprived them of opportunities to enroll in more affordable income-driven repayment plans, forcing them to pay more than they should have. If approved, the deal would also permanently ban the company from servicing federal direct loans and would forbid it from directly servicing or acquiring most loans under the Federal Family Education Loan Program. Navient would pay a $20 million penalty and provide $100 million in redress for harmed borrowers.Statement follows in full. Also see documents below. ...

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