Veterans to receive $60 million settlement after being charged excess student loan interest

Veterans.
(Image credit: George Frey/Getty Images)

Military veterans who were illegally charged too much interest on their student loans will receive anywhere from $10 to $100,000 in refunds.

The Department of Justice secured $60 million in refunds for 77,795 veterans who were overcharged by the student loan service provider formerly known as Sallie Mae, The Hill reports. Now called Navient Corp., the company will begin to issue refunds in June, with the Department of Justice saying the average veteran will receive $770.

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Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.