Class-action settlement: Navient student loan servicer users have one day to file claim in $16 million settlement
Rachel Schilke
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Student loan borrowers who used Navient, a private student loan servicer, have until Monday to file a claim 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 after it went bankrupt. In July, the student loan provider agreed to a $198 million settlement.
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The provider denied any wrongdoing when it agreed to $182 million in debt relief for impacted borrowers. The rest of the settlement comprises $16 million in cash for a settlement class of 4,607 borrowers.
Borrowers included in the $16 million settlement have until Monday to take part.
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. A claim must be filed by Nov. 20 and can be completed here.
The final hearing is scheduled for Dec. 13 at the District Court for the Eastern District of New York.