Navient Agreed To Pay Monetary Penalty Of $20mln Plus Additional Monetary Relief & Redress Of $100M To Population Of Borrowers Determined By CFPB; Also Agreed Not To Re-Enter Servicing Of Federal Student Loans And Not To Acquire Any Additional Ownership Interest In FFELP Loans; Does Not Expect Restrictions To Impact Its Business Plans
Portfolio Pulse from Benzinga Newsdesk
Navient has agreed to pay a $20 million penalty and provide $100 million in relief to borrowers as determined by the CFPB. The company will not re-enter federal student loan servicing or acquire more FFELP loans, but does not expect these restrictions to impact its business plans.
September 12, 2024 | 1:52 pm
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Navient will pay a $20 million penalty and $100 million in borrower relief, and will exit federal student loan servicing. The company does not expect these actions to impact its business plans.
Navient's agreement to pay penalties and exit federal student loan servicing is significant, but the company states it does not expect these actions to impact its business plans. This suggests a neutral short-term impact on the stock price.
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