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Borrowers eligible for debt cancellation must have taken out private subprime student loans through Sallie Mae between 2002 and 2014, then had more than seven straight months of delinquent payments.
A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million.
Company to pay $120 million in fines and compensation to borrowers ... formally known as Sallie Mae. Navient directed student loan borrowers into more costly repayment plans and away from lower ...
Navient Corporation is an American student loan servicer based in Wilmington, Delaware.Managing nearly $300 billion in student loans for more than 12 million debtors, the company was formed in 2014 by the split of Sallie Mae into two distinct entities: Sallie Mae Bank and Navient.
SLM Corporation (commonly known as Sallie Mae; originally the Student Loan Marketing Association) is a publicly traded U.S. corporation that provides consumer banking.Its nature has changed dramatically since it was set up in the early 1970s; initially a government entity that serviced federal education loans, it then became private and began offering private student loans.
Navient, formerly part of Sallie Mae, used to be one of the biggest servicers of student loans in the country. ... Of the $120 million Navient would have to pay, $100 million would be paid out to ...
It was one of the four largest companies which service United States federal student loans: Great Lakes, Nelnet, Navient, and the Pennsylvania Higher Education Assistance Agency. [2] In 2018, the loan servicing part of the organization was sold to Nelnet.
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