Navigating to Cancel $67 Million in Pennsylvanians Student Debt – CBS Pittsburgh

By: KDKA-TV News Staff

PITTSBURGH (KDKA) – Thousands of Pennsylvanians will have nearly $67 million in debt canceled after a deal with one of the nation’s largest student loan companies.

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Navient is canceling $1.7 billion in debt and paying $95 million in compensation for loans owned by nearly 66,000 people around the country, Pennsylvania Attorney General Josh Shapiro announced Thursday.

Shapiro’s office said nearly 2,500 borrowers in Pennsylvania will have their loans canceled and about 13,000 will receive $3.5 million in compensation.

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The settlement, involving a coalition of 39 attorneys general, addresses allegations that Navient directed borrowers to costly long-term forbearance measures instead of telling them about sensible plans. than.

“Navient repeatedly and knowingly puts profits before borrowers – it commits fraud and abuse, targeting students it knows will struggle to repay loans and placing the burden of equity on those who are trying to improve their lives through education,” Shapiro said in a statement.

“Today’s settlement corrects Navient’s past behavior, provides needed relief to Pennsylvania borrowers, and puts in place safeguards to ensure the company is never hacked. student loan borrowers.”

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Borrowers who qualify for relief don’t need to do anything except make sure the U.S. Department of Education has their current address. More information can be found here.