After Much Prayer the Walls of Student Loan Debt Are Coming Down as Student Loan Company Navient Has Agreed to Forgive Nearly $2 Billion in Student Loans and Will Pay Nearly $100 Million in Restitution. Daniel Whyte III Says Now President Biden and Vice President Harris Need to Make Sure They Don’t Try to Hide Behind Navient. You Know Navient Works for You, So Go Ahead and Forgive all Other Loans as Well Considering the Coronavirus Omicron “Plague of Long Continuance” and Considering the Practices of Your Employee Navient Have Been Evil. Now a Word of Advice, Mr. President: We Thank You for Providing Loans to Go to College. Due to the Fact That Some Students Have Abused the System and Loan Services Such as Navient Have Abused the System, Some Have Even Double Dipped. After the Government Forgives All Loans President Biden Ought to Do Something Historic and Pull the Government Out of the Loan Business and Get With People Like Elon Musk, Jeff Bezos, and All of the Major CEOs of the Nation and Let Them Loan the Money to Students Who Are Willing to Work in One of Their Companies and While They Are Working They Pay as They Go and Have the Money Automatically Deducted From Their Checks and if the Student Quits the Job the Loan Money Stops and a Negative Mark Should Be Put on Their Credit and Business Insurance Will Pay the Loan Off. Government-backed Education Loans a Great Gesture and Millions of People Appreciate It but the Government Must Get Out of Giving Loans to People to Go to College on a Hope That They Will Get a Good Job to Pay It Back at This Point, and Since All Colleges Are Going to Go Fully Virtual Just Like Most Jobs Are Going to Go Fully Virtual and Most Churches Are Going to Go Fully Virtual, Colleges Need to Lower Their Prices Almost Down to Zero Just Like They Have Done the Overly Priced Textbooks and Have Employers Use the Money They Are Loaning to the Students While They Work to Go to Pay the Teacher’s Salary. Problem Solved. Education Needs to Be Tied to a Job or Some Kind of Income Bearing Occupation or Business.

Student loan company Navient has agreed to forgive $1.7 billion in private student loans and will pay $95 million in restitution after a lawsuit accused the company of steering struggling borrowers into more debt, officials announced Thursday.

New York Attorney General Letitia James claimed in a lawsuit — filed simultaneously with the settlement — that since 2009, the company deceived thousands of financially struggling customers with federal debt so that they would opt for expensive, long-term forbearance plans instead of informing them of more affordable options.

In the end, the borrowers ended up with even more debt rather than what the income-driven repayment plans variously offered, including lowering monthly payments to as little as $0, subsidies on interest and eventual student loan forgiveness after 20 to 25 years, the suit claims.

The AG also accused Navient of giving students of universities with low graduation rates subprime private loans knowing that most of the students wouldn’t be able to repay them. Navient used the subprime loans in an effort to get the schools to choose Navient as their preferred lender, the suit claims.

Without admitting any wrongdoing, Navient settled the suit, agreeing to forgive $1.7 billion in subprime private loans for 66,000 borrowers nationwide. The company will also pay back $95 million to 350,000 federal loan borrowers — or $260 each — who were allegedly steered into the expensive forbearance plans.

The company will also pay $142.5 million to different states — as the settlement was negotiated with a coalition of 39 other state attorneys general.

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Source: NY Post