WRFA-LP 107.9 FM

A listener supported, non-commercial, low power FM radio station in Jamestown, NY.


Stream WRFA

  • Home
  • News
    • Local News
    • WRFA Election Coverage 2022
    • Local Arts and Entertainment
    • Station News and Events
    • Audio Posts
    • Video
  • Listen
  • Programming Guide
    • I Remember
    • Arts on Fire LIVE
    • Jamestown Tarp Skunks on WRFA
  • Local Shows
    • Arts on Fire
    • Arts on Fire LIVE
    • Chautauqua Lectures
    • Chautauqua Sunrise with Doc Hamels
    • Community Matters
    • Da Platform
    • Da Unwind
    • Fringie Glitter Buckle Boots
    • The Latin Inspiration
    • Local Rush Hour
    • Nobody’s Watching This NFL Podcast
    • The Power Chord Hour
    • Remembering Rock n Roll
    • Rolling Hills Radio
    • Small Things Considered
    • The Swedish Hour
    • Third Street Garage
  • Audio Vault
  • About
    • Join the WRFA Team
  • Donate
    • WRFA Supporters
  • Contact
You are here: Home / News / Local News / Thousands of Student Loans To Be Canceled In Settlement with Navient

Thousands of Student Loans To Be Canceled In Settlement with Navient

January 14, 2022 By WRFA Leave a Comment

Thousands of student loan borrowers are expected to receive long-sought debt relief through a $1.85 billion consent judgment announced Thursday with Navient, one of the nation’s largest student loan companies.

USA Today reports, if approved by a federal court, the agreement between the Delaware-based company and attorneys general for 39 states and the District of Columbia would resolve state allegations that Navient used unfair, deceptive and abusive student loan servicing practices in originating predatory loans.

The agreement would cancel the outstanding student loan balances of roughly 66,000 borrowers with private education loans that were started between 2002 and 2010, when Navient was known as Sallie Mae.

New York will specifically receive a total of about $6.8 million in restitution payments for more than 25,000 federal loan borrowers. Additionally, about 4,300 New York borrowers will receive over $110 million in private loan debt cancellation. New York state will also receive almost $1.2 million in cash.

As a result of the agreement, borrowers receiving private loan debt cancellation will receive a notice from Navient, along with refunds of any payments made on the cancelled private loans after June 30, 2021. Federal loan borrowers who are eligible for a restitution payment of approximately $260 will receive a postcard in the mail from the settlement administrator later this spring.

However, Navient denied any wrongdoing and said the company agreed to the settlement because the state lawsuits began more than eight years ago and were nowhere near the trial stage.

A separate U.S. Consumer Financial Protection Bureau lawsuit filed against Navient with similar allegations is continuing. The company has also denied wrongdoing in that case.

The settlement also includes reforms that would require Navient to explain the benefits of income-driven repayment plans before placing student loan borrowers into forbearance programs. The company also would be required to counsel borrowers who are now in public service jobs about a federal loan forgiveness program that could help eliminate their debts.

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Tumblr (Opens in new window)
  • Click to email a link to a friend (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to print (Opens in new window)

Filed Under: Local News Tagged With: Navient, Sallie Mae, Student Loan, Student Loan Debt

Donate to WRFA and help support Community Radio in Jamestown, NY.

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Licensed by Reg Lenna Center for the Arts

Reg Lenna

On Air Now

Stream WRFA

Corporate Support

Donate to WRFA

Recently Played Songs

Tweets by @WRFASpins
Donate to WRFA

Recent News

  • Jamestown Man Arrested After Police Say He Shot at Someone In a Parked Car
  • Jamestown Planning Commission Approves Site Plan for ANEW Center, Tables Site Plan for COI’s Women’s Homeless Shelter
  • Borrello, Goodell Call for Special Session to Grant Peace Officer Status to Chautauqua Institution Safety Personnel
WRFA LP 107.9 FM is licensed by the Reg Lenna Center for the Arts in Jamestown, NY.

Most Popular Tags

Jamestown City Council Jamestown Police Department Andrew Cuomo Tom Reed COVID-19 Sam Teresi Chautauqua County Sheriffs Office Chautauqua County Legislature Jamestown Public Schools Jamestown Community College

[footer_backtotop]

Copyright © 2022 WRFA Jamestown NY

 

Loading Comments...