Navient, a major student loan servicer, has reached a settlement with the Consumer Financial Protection Bureau to resolve government claims of abuse.

Navient is being banned from federal student loan servicing and has been ordered to pay $120 million for alleged lending failures.

Navient was the largest U.S. student loan servicer when the lawsuit began, handling more than $300 billion of federal and private loans for over 12 million borrowers, the CFPB said.

By Katie Lobosco, CNN Washington (CNN) — A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million.

Washington (CNN) — A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million.

A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million.

By Katie Lobosco, CNN Washington (CNN) — A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million. The ...

By Katie Lobosco, CNN Washington (CNN) — A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million. The ...

A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million.