Navient Class Action Bears Loan Forgiveness Settlement
A Navient class action settlement is now available after a lawsuit was filed in October 2018, accusing the federal loan servicer of misleading borrowers about the public service loan forgiveness which led to consumers overpaying on their student loans.
The class action lawsuit claims that Navient had knowledge that certain borrowers were qualified for public service loan forgiveness based on their employment, but that the federal loan servicer failed to inform the said borrowers of this opportunity. This resulted in many borrowers overpaying their student loans which could have been forgiven.
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Details of the Settlement
Navient has not admitted to any of the accusations but has agreed to pay $2.4 million in settlement. However, no monetary benefits will be provided for the settlement. Navient has instead agreed to adopt new practices to better inform eligible borrowers about student loan forgiveness and streamline the process. The company is also promising to contribute $1.75 million to a newly formed non-profit organization that will benefit the class action members.
There will be no claim form required and class action members cannot exclude themselves from the settlement class. But they still retain the right to file an individual lawsuit against Navient for monetary damages.
Class action members have until September 11, 2020, to object to the lawsuit settlement. The objection can voice out the members’ opinions on the settlement, dispute various terms, or ask the court to not approve the settlement. Objection letters must be submitted to the settlement administrator and must include the name of the case, personal information, proof that members are eligible for the settlement, a detailed objection statement, relevant documents, and other information.
The final approval hearing of the settlement is on October 2, 2020, which will be open to the public through videoconferencing. Class action members can request to speak at the settlement hearing by submitting a written notice of appearance on or before September 11, 2020.
Editor’s note on the Navient Loan Forgiveness Class Action Settlement:
This piece is written about the recent Navient Loan Forgiveness Class Action Settlement. If you are considered eligible to be among the class of consumers described in the class action lawsuit settlement, you may eventually be able to participate in receiving any compensation the court may award.Contact Us
We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join in on any potential consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from you all.
Similarly, please check out our current list of Class Actions and Class Action Investigations, here.
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