NEW MEXICO (KRQE) – More than 1,400 New Mexicans will have their student debt canceled after the state reached a settlement with a loan company. New Mexico was among 39 states suing Navient over claims it deceived borrowers by steering them into loans where they accumulated extraordinary amounts of interest.
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As part of the settlement, Navient canceled the remaining loan balances and will pay restitution and a settlement to the state. More than 1,400 New Mexico borrowers are affected and together will be reimbursed $381,000. Their loan debt being forgiven was nearly $10 million.