ILLINOIS ATTORNEY GENERAL KWAME RAOUL IS ANNOUNCING A NATIONWIDE SETTLEMENT WITH ONE OF THE LARGEST STUDENT LENDERS IN THE COUNTRY.

NAVIENT HAS AGREED TO PAY ONE-POINT-EIGHT-FIVE BILLION DOLLARS OVER ALLEGATIONS THAT THE COMPANY, PREVIOUSLY OPERATING AS SALLIE MAE, STEERED STUDENT BORROWERS TOWARDS PREDATORY LOANS. THE LOANS WERE FOR TUITION AT FOR-PROFIT COLLEGES SAYS ATTORNEY GENERAL RAOUL.

ILLINOIS' SHARE IS OVER 145 MILLION DOLLARS, WITH MORE THAN 18 THOUSAND BORROWERS SET TO RECEIVE PAYOUTS OF ABOUT 260 DOLLARS EACH. A POSTCARD NOTIFICATION WILL BE SENT TO THOSE ELIGIBLE THIS SPRING. ANOTHER FIVE THOUSAND PLUS BORROWERS IN ILLINOIS WILL HAVE THEIR DEBT CANCELLED.