Navient agrees to pay $120M to settle CFPB lawsuit over student loan practices

NAVIENT CORP

$20 million penalty plus $100 million borrower redress to be determined by CFPB.
Company barred from re-entering federal student loan servicing or acquiring FFELP loans.
Navient says restrictions won't affect outsourcing plans or strategic actions announced Jan. 2024.
Had previously accrued $105 million contingency loss as of June 30, 2024.

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