Washington state borrowers to get $35M in Navient settlement | king5.com

Washington state borrowers to get $35M in Navient settlement | king5.com

SEATTLE — Around 1,400 Washington residents will have their student loan debt erased, as part of a $1.7 billion settlement from a lawsuit led by state Attorney General Bob Ferguson. Ferguson started the legal process against student-loan lender Navient years ago and 38 other states eventually joined the suit. About $35 million is coming to Washington borrowers; on average, they'll each receive $25,000 of debt relief. Ferguson said, among other things, Navient pushed people into plans that stacked interest on top of interest. "When long-term borrowers who are in financial distress would reach out to Navient looking for assistance, Navient deceived them. (They) promised to help them as they dealt these long-term loans stretched over many years, but when students stopped making payments, that interest accumulated," said Ferguson. He explained …
More on: www.king5.com