LANSING, Mich. — Attorney General Dana Nessel has released new information regarding the settlement on student loan debt with Navient.
This comes after reports last week that the loan servicer will cancel almost $2 billion in student loan debt.
"The predatory practices used by Navient exploited students who wanted nothing more than an education," says Nessel. "The company placed borrowers in risky subprime loans, causing them to incur debts they could never repay. This settlement reflects accountability for affected borrowers across the country."
More than 1,500 borrowers in Michigan are expected to receive nearly $39 million in relief as part of the settlement. The attorney general’s office says Navient will contact eligible borrowers before July 2022, adding no further action is needed except to create or update their account at studentaid.gov with their current address.
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