Student Loan Servicers’ $10 Million Deal Gets Final Court Nod

Nelnet Servicing LLC and EdFinancial Services LLC’s $10 million settlement to end a lawsuit over a 2022 data breach received final approval by a federal judge.

The proposed settlement is fair, reasonable, and adequate, Judge John M. Gerrard of the US District Court for the District of Nebraska said Thursday. The settlement amount will go to more than 2.5 million student loan borrowers whose personal information—including Social Security numbers and addresses—were impacted by the data breach. The settlement applies to borrowers whose loans were associated with EdFinancial and the Oklahoma Student Loan Authority.

• The settlement will cover credit and ...