to cancel $1.7 billion in federal student debt in a federal settlement judged by Attorney General Maura Healey. The settlement, which also required Navient to distribute $95 million in restitution to approximately 350,000 federal loan borrowers, came after a long fight against the company's predatory lending practices, which promised to help students in need of tuition assistance, and instead steered them towards repayment plans that piled on unnecessary interest.
Hopeful teenagers and grad students are told they must attend college to be successful, and then lied to by predatory lenders that promise to help them achieve their dreams only to leave them in insurmountable debt even decades after graduation. The settlement, which will barely make a dent in this country's over $1.6 trillion federal student loan debt, brought to light a problem many struggling students and graduates have known for far too long. The choices after high school have become far more complicated over the past few decades.
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