Settlement to help more than 5,100 state student loan borrowers

A settlement of nearly $24 million against Navient, a student loan servicing company, will help more than 5,100 student loan borrowers in Wisconsin, according to a Wisconsin State Journal report. The national settlement was a $1.85 billion deal involving 39 attorneys general in dozens of states and requires Navient to cancel the debt of some 66,000 private loan borrowers nationwide and pay $95 million in restitution to some federal loan borrowers. The settlement claims the company steered students toward high-interest loans that they were highly unlikely to repay. The state will receive nearly $24 million for 4,165 federal loan borrowers and 1,000 private loan borrowers. The federal borrowers will receive a total of $1.1 million in restitution payments and the private loan borrowers’ debt will be canceled.