CHICAGO (CBS) — More than 400,000 student loan borrowers will get some debt relief from servicing company Navient, according to a $1.7 billion settlement.

The deal settles a lawsuit brought by several state attorney generals, including Illinois Attorney General Kwame Raoul.

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The lawsuit accuses Navient of giving predatory loans to students they knew were likely to default.

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About 350,000 borrowers will get about $260.

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Navient also has to cancel remaining balances of private loans to about 66,000 students, totaling those $1.7 billion.

CBS 2 Chicago Staff