Thousands of Nevadans share in student loan abuse settlement
CARSON CITY, Nev. (AP) - Thousands of Nevadans will share in a big settlement that 39 state attorneys general negotiated with a major student loan collecting company accused of abusive lending practices involving more than $1 billion in loans.
Nevada Attorney General Aaron Ford announced Friday that Nevadans are among those nationally who will benefit from the settlement with Navient.
The company agreed to cancel $1.7 billion in debt owed by more than 66,000 borrowers nationally and pay more than $140 million in other penalties.
Ford says 3,952 federal loan borrowers in Nevada will receive more than $1 million in restitution. Nearly 600 will receive private loan debt cancellations totaling more than $17 million.
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