Navient, once one of the country’s largest student loan servicers, has reached a $120 million settlement with the Consumer Financial Protection Bureau (CFPB) — resulting in the company being permanently banned from servicing federal student loans.
In a settlement announced Thursday, the CFPB says that Navient would have to pay a $20 million penalty and provide $100 million in relief to those impacted borrowers. The bureau says it will mail checks to eligible borrowers, who do not need to take any action at this time.
The CFPB did not detail how much eligible borrowers would receive in terms of payments.
"For years, Navient’s top executives profited handsomely by exploiting students and taxpayers,” CFPB Director Rohit Chopra said in a statement.
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