US student borrowers who were steered into costly forbearances from affordable repayment plans by former federal loan servicer Navient could soon receive a check in the mail more than a year after the Consumer Financial Protection Bureau (CFPB) reached a $120 million settlement with the lender.
Although the CFPB has yet to share the number of borrowers who will receive checks under the settlement, higher education expert Mark Kantrowitz analysed historical data to estimate that at least 100,000 people could get one, with each payment likely to be several hundred dollars.
