Trending...
- Nieuwe standaard in webdesign: Professionele website laten maken voor het MKB vanaf €249 door Websitepioniers - 113
- Heritage at Manalapan Introduces New Single-Family Home Community in One of Monmouth County's Most Desirable Locations
- $IBG accelerates toward transformative merger with BlockFuel as $6 million raise fuels dual-industry growth strategy: N A S D A Q: IBG
Agency: Attorney General
Media contact: Lynsey Mukomel 517-599-2746
Public inquiries: 517-335-7622
January 13, 2022
LANSING - Michigan Attorney General Dana Nessel issued the following statement on entering a settlement with Navient as part of a multistate effort, which will directly impact 1,576 student borrowers in Michigan through debt cancellation and requires beneficial changes in Navient's business practices:
"The predatory practices used by Navient exploited students who wanted nothing more than an education," Nessel said. "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."
This settlement involves 38 states and the District of Columbia. Under the terms of the settlement, Navient will cancel the remaining balance on $1.7 billion in subprime private student loan balances owed by more than 66,000 borrowers nationwide. This includes 1,576 borrowers in Michigan. The settlement also includes conduct reforms that require Navient to explain the benefits of income-driven repayment plans and to offer to estimate income-driven payment amounts before placing borrowers into optional forbearances. Additionally, Navient must train specialists who will advise distressed borrowers concerning alternative repayment options and counsel public service workers concerning Public Service Loan Forgiveness (PSLF) and related programs. The conduct reforms imposed by the settlement include prohibitions on compensating customer service agents in a manner that incentivizes them to minimize time spent counseling borrowers.
More on Michimich.com
The Department of Attorney General is still reviewing the full impact this settlement will have for Michigan borrowers. An update will be provided once the full scope of relief is determined.
Media contact: Lynsey Mukomel 517-599-2746
Public inquiries: 517-335-7622
January 13, 2022
LANSING - Michigan Attorney General Dana Nessel issued the following statement on entering a settlement with Navient as part of a multistate effort, which will directly impact 1,576 student borrowers in Michigan through debt cancellation and requires beneficial changes in Navient's business practices:
"The predatory practices used by Navient exploited students who wanted nothing more than an education," Nessel said. "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."
This settlement involves 38 states and the District of Columbia. Under the terms of the settlement, Navient will cancel the remaining balance on $1.7 billion in subprime private student loan balances owed by more than 66,000 borrowers nationwide. This includes 1,576 borrowers in Michigan. The settlement also includes conduct reforms that require Navient to explain the benefits of income-driven repayment plans and to offer to estimate income-driven payment amounts before placing borrowers into optional forbearances. Additionally, Navient must train specialists who will advise distressed borrowers concerning alternative repayment options and counsel public service workers concerning Public Service Loan Forgiveness (PSLF) and related programs. The conduct reforms imposed by the settlement include prohibitions on compensating customer service agents in a manner that incentivizes them to minimize time spent counseling borrowers.
More on Michimich.com
- Wilderness Construction Helps Ann Arbor Homeowners Navigate the Paint vs. Replace Cabinet Decision
- Cleveland County Goat Farm NC Kikos Featured in "Feature Farmer Friday" Documentary
- Tony Grundler Introduces Artificial Intelligence V.S. Avatar-Ian's
- Sterling Heights City Council Opposes HB 5529-5532; Supports Locally Driven Housing Solutions
- Sterling Heights: Soak Up Spring this April with #MYSHPR
The Department of Attorney General is still reviewing the full impact this settlement will have for Michigan borrowers. An update will be provided once the full scope of relief is determined.
0 Comments
Latest on Michimich.com
- 21 Days: The Malta Deadline That Could Redraw the Finnish Online Casino Map
- JEGS Launches Modern, Secure Payments Powered by PhaseZero.ai
- U.S. Government Contracts in Excess of 38 Million Secured Through Partner, Establishing Multi-Year Defense Revenue Platform Through 2032: $BLIS
- New Report Reveals Surprising Trends in Ohio Airport Accidents
- Why Your Berberine Failed: RevGenetics Unveils the Absorption Gap Solution
- WCC Kitchens and Cabinets Featured on Selling Houses Australia
- Cat Hunt Simulator : Burrow & Pounce Lands on the App Store
- Shincheonji Marks 42nd Anniversary: From a Basement to a Denomination Growing by Tens of Thousands Annually
- Jackets for Jobs Hosts Smart & Sexy® Day Detroit for Women's History Month
- Novi Custom Glass Manufacturer Explains When Foggy Windows Need to be Replaced
- Tint Academy Training in Dallas Texas: Learn Window Tint & PPF Installation
- $IBG accelerates toward transformative merger with BlockFuel as $6 million raise fuels dual-industry growth strategy: N A S D A Q: IBG
- High-Growth Power Infrastructure Play Targets AI Boom: 1606 Corp. Executes Aggressive Texas Expansion Strategy: 1606 Corp. (Stock Symbol: CBDW) $CBDW
- Accelerating the Transformation into a U.S. Nuclear Fuel Cycle Leader: Frontier Nuclear and Minerals Inc. (N A S D A Q: FNUC)
- Ozz Metals Ltd Secures 1-Tonne Gold Offtake Agreement
- Jet Set: The Ultimate Coachella Afterparty
- Heritage at Manalapan Introduces New Single-Family Home Community in One of Monmouth County's Most Desirable Locations
- Compliant Workspace announces partnership with Blackpoint Cyber
- Michigan Homeowners Urged to Act on Rising Basement Waterproofing Needs Amid Severe Flood
- Event Solutions Enters New Era: Announces New Leadership