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US bans Navient from federal student loan serving, orders $120 million payment
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US bans Navient from federal student loan serving, orders $120 million payment
Sep 13, 2024 12:31 PM

(Reuters) - A U.S. regulator on Thursday said it is banning Navient ( NAVI ) from servicing federal student loans, and ordered the company to pay $120 million for wide-ranging student lending failures.

The U.S. Consumer Financial Protection Bureau said the ban would prevent Navient ( NAVI ) from servicing federal Direct Loans, and from directly servicing or acquiring most loans under the Federal Family Education Loan Program.

Thursday's settlement would resolve a lawsuit filed in Pennsylvania in 2017. The payment includes $100 million of redress and a $20 million civil fine, a court filing shows.

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