DOVER, Del. (AP) — A federal judge has agreed that $1.6 million left over from a government settlement with student lending giant Navient Corp. should be distributed to charities.
The Justice Department announced last year that nearly 78,000 members of the military would be reimbursed under a $60 million consent decree with Navient, formerly part of Sallie Mae, because they had been charged excess interest on student loans.
In a court filing this week, attorneys for both sides said that after identifying and paying eligible service members, roughly $1.6 million remains in the settlement fund.
Consistent with the settlement terms, attorneys agreed that the balance should be distributed among three nonprofit organizations.
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The Posse Foundation’s Veteran Scholars Program and the Tragedy Assistance Program for Survivors each will receive about $675,000. The Warrior Canine Connection will receive about $250,000.