The CFPB sued Navient in 2017 for misleading borrowers and providing them with bad information.
Navient has reached a $120 million settlement with the Consumer Financial Protection Bureau over its practices with student loan borrowers, the company tells CNBC.Navient
The consumer watchdog agency also accused Navient of steering student loan borrowers into expensive forbearances, causing many to pay steep interest charges. Navient stopped servicing the government's federal student loans in 2021. The lender has also agreed not to reenter servicing of federal student loans.
"By banning the notorious student loan giant from federal student loan servicing and ensuring the winddown of these operations, the CFPB will finally put an end to the years of abuse," said Chopra."This agreement puts these decade-old issues behind us," a Navient spokesperson said in a statement to CNBC.
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