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.READ MORE: Chicago Weather Alert: Snow Totals From Lake Effect Snowstorm
The lawsuit accuses Navient of giving predatory loans to students they knew were likely to default.READ MORE: Mayor Lightfoot Added To Lawsuit Over Removal Of Christopher Columbus Statue In Little Italy
About 350,000 borrowers will get about $260.MORE NEWS: Illinois DCFS Director Marc Smith On Hot Seat Before State Lawmakers Over Lack Of Beds And Foster Homes For Kids, Other Issues
Navient also has to cancel remaining balances of private loans to about 66,000 students, totaling those $1.7 billion.