Okay. Um, I know we've dumped Hello, a lot of news in your inbox is this morning. Um, so a couple of other notes for all of you and for those of you who haven't caught up with everything quite yet. As you may have seen already today, the president announced that his administration is extending the pause on student loan repayments for an additional 90 days through May one, We'll continue working with borrowers to support a smooth transition back into repayment and advance economic stability. I would also note for all the students, those who have student loans out there. The president also renewed his call for all student loan borrowers to do their part as well by taking full advantage of the Department of Education's resources, considering income based repayment plans or public service loan forgiveness and getting vaccinated for boosted, better being dead in the water. The reason for extending the student loan moratorium well, we would disagree with that characterization as, I think nearly every member of the Democratic Caucus would as well and we're forging ahead to get it done. I just gave you an overview of why the student loan extension. Obviously we're still battling a pandemic. We know uh, that borrowers across the country, even as the economy has made progress, are still grappling with them. And this will give them a little bit more relief. And uh, that hence is why the president and the Vice president made this decision, Go ahead
Navient settles predatory student loan claims for $1.85B
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Updated: 12:43 PM CST Jan 13, 2022
Video above: White House extends student loan moratoriumNavient, a large student loan servicer, has settled allegations of predatory lending practices for $1.85 billion, Pennsylvania's attorney general announced Thursday.The settlement includes $1.7 billion in debt cancellation and $95 million in restitution, state Attorney General Josh Shapiro said in a news release."Navient repeatedly and deliberately put profits ahead of its borrowers – it engaged in deceptive and abusive practices, targeted students who it knew would struggle to pay loans back, and placed an unfair burden on people trying to improve their lives through education," Shapiro said in the release.The settlement involves 39 state attorneys general and resolves claims that Navient led student borrowers into long-term forbearances instead of giving them advice on less costly repayment plans, Shapiro said.Navient said it did not act illegally, and it did not admit any fault in the settlement, The New York Times reported."The company’s decision to resolve these matters, which were based on unfounded claims, allows us to avoid the additional burden, expense, time and distraction to prevail in court," Mark Heleen, Navient’s chief legal officer said, according to the Times.
Video above: White House extends student loan moratorium
Navient, a large student loan servicer, has settled allegations of predatory lending practices for $1.85 billion, Pennsylvania's attorney general announced Thursday.
The settlement includes $1.7 billion in debt cancellation and $95 million in restitution, state Attorney General Josh Shapiro said in a news release.
"Navient repeatedly and deliberately put profits ahead of its borrowers – it engaged in deceptive and abusive practices, targeted students who it knew would struggle to pay loans back, and placed an unfair burden on people trying to improve their lives through education," Shapiro said in the release.
The settlement involves 39 state attorneys general and resolves claims that Navient led student borrowers into long-term forbearances instead of giving them advice on less costly repayment plans, Shapiro said.
Navient said it did not act illegally, and it did not admit any fault in the settlement, .
"The company’s decision to resolve these matters, which were based on unfounded claims, allows us to avoid the additional burden, expense, time and distraction to prevail in court," Mark Heleen, Navient’s chief legal officer said, according to the Times.
