Who is Eligible for the Navient Student Loan Settlement?
Contents
If you’re one of the many people who are struggling to pay back their student loans, you may be wondering if you’re eligible for the Navient student loan settlement. Here’s what you need to know.
Checkout this video:
Introduction
The Navient student loan settlement is a class action lawsuit that was filed against the student loan servicer Navient. The lawsuit alleged that Navient engaged in unfair and deceptive practices when servicing student loans. As part of the settlement, Navient will provide $360 million in relief to borrowers.
To be eligible for relief under the settlement, you must have:
– Been enrolled in a undergraduate or graduate program at an eligible school between January 1, 2010 and March 9, 2017;
– Repayment of your student loans began on or after January 1, 2010;
– Repayment of your student loans ended on or before December 31, 2015; and
– Been subjected to one or more of the following practices by Navient:
— Failed to apply payments properly;
— Failed to provide required information about repayment options;
— Gave incorrect information about repayment options;
— Failed to correctly process deferments or forbearances; or
— Engaged in other deceptive practices.
The Navient student loan settlement is a proposed class action settlement that would provide relief to certain borrowers who took out loans with Navient between January 1, 2010 and August 31, 2014.
If the settlement is approved, Navient would provide $12 million in relief to qualifying borrowers. This would include forgiven debt, credit reports, and restitution. The average qualifying borrower would receive $541 in relief.
To be eligible for the Navient student loan settlement, you must have:
-Taken out a loan with Navient between January 1, 2010 and August 31, 2014
-Been charged late fees or default fees by Navient
-Been enrolled in an income-driven repayment plan with Navient
The Navient student loan settlement is a settlement reached between the Consumer Financial Protection Bureau (CFPB), the attorney generals of Illinois and Washington, and student loan servicer Navient. The settlement resolves allegations that Navient illegally misled borrowers about repayment options, did not properly apply payments, and failed to notify borrowers about important information.
Under the terms of the settlement, Navient will pay $1 billion to eligible borrowers. This includes $500 million in direct relief to borrowers, $130 million in forgiveness of private loans held by National Credit Acceptance, and $22 million in refunds to Navient’s business customers.
To be eligible for the Navient student loan settlement, you must have:
– Been misled by Navient about repayment options
– Had your payments improperly applied
– Not been properly notified about important information
If you believe you are eligible for the Navient student loan settlement, you can submit a claim form online or by mail. The deadline to submit a claim is January 31, 2020.
If you have student loans with Navient, you may be eligible for a settlement. The settlement is the result of a class-action lawsuit that accused Navient of deceptive practices. If you’re eligible, you can file a claim to receive a portion of the $140 million settlement fund.
To file a claim, you’ll need to provide proof that you have student loans with Navient. You’ll also need to provide proof of any financial losses you’ve suffered as a result of Navient’s deceptive practices. If you have both student loans and financial losses, you may be eligible for a larger settlement amount.
The deadline to file a claim is October 25, 2019. For more information on the Navient student loan settlement, or to file a claim, visit the Settlement Website.
Conclusion
As of now, it seems that only those who have Direct Loans from Navient are eligible for this settlement. This includes loans that were given to you directly from the Department of Education as well as those that were bought by Navient from other loan servicers. If you’re not sure whether or not your loans are through Navient, you can check on the National Student Loan Data System.
