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Navient must cancel $1.7 billion in student loans. NBC reports that one of the largest student loan services, Navient, has reached an agreement with 39 states to forgive $1.7 billion in private student loans. . On January 13, a settlement was announced that resolves six ongoing lawsuits against Navient. . The lawsuits followed accusations that the lender made loans to millions of borrowers who would likely be unable to repay them. . As part of the settlement, Navient would make a one-time payment of $145 million to the states. . NBC reports the $1.85 billion deal will wipe out student debt for nearly 66,000 borrowers. . Finally, student borrowers who had been forced to bear the burden of dangerous and predatory private student loans made by Sallie Mae and held by Navient will finally be freed from their debts, Mike Pierce, executive director of the Student Borrower Protection Center, via NBC. Finally, student borrowers who had been forced to bear the burden of dangerous and predatory private student loans made by Sallie Mae and held by Navient will finally be freed from their debts, Mike Pierce, executive director of the Student Borrower Protection Center, via NBC. In 2014, Sallie Mae split into two companies: , Sallie Mae Bank and Navient. . NBC points out that under the terms of the settlement, Navient denies violating the law. . The company’s decision to resolve these matters, which were based on unsubstantiated claims, allows us to avoid the additional burden, expense, time and distraction that prevails in court, Mark Heleen, Chief Legal Officer of Navient , via NBC. On the same day the settlement was announced, Navient shares climbed 0.8% to trade at $21.98. . According to a recent report by the Student Borrower Protection Center, over the past decade the market for private student loans has grown by more than 70%. . The market now stands at around $130 billion.

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