(FOX BUSINESS) – Student lender Navient has announced that it has canceled over $1.7 billion in student loans as part of an agreement to settle ongoing litigation with various states attorneys general.
States attorneys general accused Navient of engaging in "deceptive and abusive practices, targeted students who it knew would struggle to pay loans back, and placed an unfair burden on people trying to improve their lives through education."
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The agreement, announced Thursday following over four years of litigation, does not include any admission of guilt on the part of Navient. The company "expressly denies violating any law, including consumer-protection laws, or causing borrower harm."