Nevada Appeal Capitol Bureau
Saturday, January 15, 2022
Nevada college students will receive more than $17 million in student loan forgiveness under the national settlement reached with Navient, one of the nation’s largest student loan servicers.
The total settlement with 37 states and the District of Columbia is $1.7 billion to resolve allegations of widespread unfair, deceptive and predatory loan practices.
Nevada Attorney General Aaron Ford said altogether, 592 Nevada borrowers will receive $17.1 million in private loan debt cancellations and just over $1 million in restitution payments to another 3,952 borrowers.
The settlement also requires Navient to change its loan practices including explaining the rules to borrowers.
Navient must also notify borrowers about the federal education department’s waiver opportunities that temporarily offer qualified public service workers the chance to have repayment periods counted toward loan forgiveness.
Ford said borrowers will be notified of debt cancellation by Navient as well as refunds of any payments made on the canceled payments after June 2021. He said borrowers don’t need to take any action except to create or update their studentaid.gov account to make sure the Department of Education has their current address.
He said information is available at NavientAGSettlement.com.
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