Over 3,500 Ohioans To Have Student Debt Forgiven After $1.85 Billion, Multistate Settlement With Navient | Ohio News | Cincinnati
More than 19,800 Ohioans who had federal student loans through Navient between 2009 and 2017 will receive $5.3 million in restitution payments as part of the recently announced $1.85 billion multistate settlement. And more than 3,500 Ohioans with Navient loans totaling some $81.8 million will have their loans completely forgiven.
âThis settlement puts money back in the pockets of borrowers who are struggling to pay for their educationâ Ohio Attorney General Dave Yost said. “It’s also an important reminder for businesses that there are consequences to prioritizing profits over the public interest.”
Navient, the various attorneys general involved allegedly directed borrowers toward long repayment plans or long-term forbearances with high interest instead of affordable schedules based on income, targeted students attending for-profit schools with loans at risk predators and have generally behaved deceptively.
In addition to cutting the $1.85 billion check, Navient agreed to a host of reforms to how the company communicates with and advises loan holders, including educating them about income-based plans and by sharing information about the Public Service Loan Forgiveness Program.
Those who will receive restitution payments or have their loans canceled will be contacted directly by Navient by July.
This story was originally published by sister newspaper CityBeat Cleveland scene.
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