01/14/2022

Private Student Loans Canceled for Thousands of Ohioans

Ohio will receive $5.3 million in restitution payments from Navient

One of the country's largest student loan services has agreed to a $1.85 billion settlement over allegations that it took part in predatory practices.

According to claims from Ohio Attorney General Dave Yost, as well as 38 other attorneys general, Navient promised to help borrowers find affordable repayment options. They claim that, instead, the corporation financially strapped borrowers into long, expensive plans.

As part of the settlement, Ohio will get $5.3 million in restitution payments. That money will then be shared with the more than 19,800 federal loan borrowers in the state who were impacted by the alleged practices between 2009 and 2017.

Please select this link to read the complete article from Fox 8 - Cleveland.