ACCORDING TO NEWS SOURCE....
Tens of thousands of borrowers in Illinois and across the country will see their student loan debt canceled following a $1.85 billion settlement between several states and one of the nation’s largest collecting companies.
Navient, the second largest student loan servicer in the U.S., agreed Thursday to cancel $1.7 billion in debt owed by more than 66,000 borrowers across the country and pay $140 million in other penalties as part of a multistate lawsuit that accused it of abusive lending practices.
“Today’s settlement will hold Navient responsible for its predatory and deceptive actions and hopefully serve as a template for reform across an industry that is in desperate need of it,” said Illinois Attorney General Kwame Raoul, one of the 39 attorneys general who brought .... FULL STORY HERE