Student loan borrowers who used Navient, a private student loan servicer, have six days to file a claim to receive part of a $16 million class-action settlement.
Navient agreed to settle class-action lawsuits from borrowers after the company illegally collected money from students after it went bankrupt. Two settlements came out of the agreement.
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One of the settlements is worth $16 million. It will provide compensation to students affected by Navient’s illegal student loan collection. If a student was a borrower or co-borrower who filed for bankruptcy protection on or after Oct. 17, 2005, never reaffirmed their private student loans, and obtained a discharge order, then that person will be eligible for the $16 million settlement.
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The settlement will pay 20% to 100% of the damages suffered, including student loan payments made after Navient’s bankruptcy. A claim must be filed by Nov. 20 and can be completed by clicking here.
The final hearing is scheduled for Dec. 13 at the District Court for the Eastern District of New York.
