By Fiona Hernandez | February 28, 2022
Photo Credit: CNN
Student loan debt continues to be an issue among college students. With the increase in tuition, housing prices and living expenses, it is no surprise that college students are forced to take out major loans.
Navient, one of the largest student loan servicing companies, has been accused of making unfair practices towards many student borrowers this past month. Now that they are in the midst of a lawsuit, many students will be given back their money.
“The lawsuit also alleges that Navient made private loans to students attending for-profit schools and colleges with low graduation rates, even though it knew that a high percentage of those borrowers would be unable to repay the loans,” According to a CNN report
Navient has also posted a statement on their website about the lawsuit and what they will be doing to help the students who were affected by this. According to their website, Navient “will provide relief totaling $1.85 billion to resolve allegations of widespread unfair and deceptive student loan servicing practices and abuses in originating predatory student loans.”
As far as how this lawsuit affects UAlbany students, the university is unable to determine which students will benefit from the settlement, according to Jordan Carleo-Evangelist, Director of Media & Community Relations.
“We would only know after the fact which of our students were potentially impacted by the settlement,” said Carleo-Evangelist.