Navient Corp. reached an agreement with 39 states to pay $1.85 billion and cancel almost 70,000 student loans to resolve claims that the company used predatory lending practices.The biggest chunk of the settlement value comes from the cancellation of $1.7 billion in loans taken since 2002, according to statements by the company and state attorneys general. The state officials said Navient promised to help struggling borrowers find affordable repayment plans but instead steered them into expensive long-term repayments.“The bottom line is this: Navient knew that people relied on their loans to make a better life for themselves and for their children,” Pennsylvania Attorney General Josh Shapiro said Thursday in a press conference. “Instead of helping them, they ran a multimillion-dollar scam.”
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