Student loan borrowers who used private loan servicer Navient must file a claim on Monday 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 on debts that were discharged in bankruptcy. In July, the student loan provider agreed to a $198 million settlement that will provide relief to those whose student loans exceeded their college tuition costs.
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The provider denied any wrongdoing when it agreed to $182 million in debt relief for affected borrowers. The rest of the settlement comprises $16 million in cash for a settlement class of 4,607 borrowers.
Borrowers who seek to take part in the $16 million settlement face a Monday filing deadline.
Those eligible for the settlement include student borrowers or co-borrowers who filed for bankruptcy protection on or after Oct. 17, 2005, were obligated to repay their loans, received a court-approved discharge order, and never reaffirmed their loans.
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The settlement will pay 20% to 100% of the damages suffered, including student loan payments made after Navient’s bankruptcy. The online claim form can be completed at this link.
The final hearing is scheduled for Dec. 13 at the District Court for the Eastern District of New York.
