Washington AG: $45M settlement with student loan company

OLYMPIA, Wash. (AP) — Washington state Attorney General Bob Ferguson says a student loan servicer will provide about $45 million in debt relief and restitution to settle the state’s lawsuit alleging predatory lending practices. It’s part of a national settlement in which Navient, a large student loan servicer, will cancel $1.7 billion in debt and pay $95 million in restitution. In a statement Thursday Ferguson said Navient will erase the remaining debt of more than 1,400 people in the state who took out certain private student loans. The company will also pay $2.3 million in restitution to approximately 8,900 Washington borrowers enrolled in a postponement of loan payments program.