Press Statement January 13, 2022
NAACP Director of Education Innovation and Research, Dr. Ivory Toldson, Releases Statement on Navient's $1.85 Billion Settlement
"The litigation against Navient, which resulted in a $1.85 billion settlement agreement, exposed the predatory nature of student loans. While students saw college as a pathway to prosperity, loan servicing companies saw college as an opportunity to make money from student debt. The federal government has a fiduciary responsibility to all borrowers whose decision to pursue higher education resulted in a loan that is refractory to the current economic conditions.
Black borrowers and low-income borrowers share a disproportionate share of the student debt burden. Thus, canceling student debt is an important first step for these citizens to finally realize the promise they pursued when they enrolled in college."