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Student-Loan Processor Navient to Cancel $1.7 Billion of Debts

One of the nation’s largest student-loan processors will cancel the debt of 66,000 borrowers, totaling $1.7 billion, in an agreement with 40 state attorneys general. The agreements resolve all six outstanding state lawsuits against Navient, the company said. The loans in question are private loans, meaning they are not guaranteed by the federal government. As part of the settlement, the company will make a one-time payment of approximately $145 million to the states.

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