(WAND) - Navient must pay close to $2 billion to resolve allegations of "widespread unfair, deceptive and abusive student loan servicing practices" as part of a settlement. 

CNBC reports a coalition of 39 attorneys general in the U.S., including Kwame Raoul of Illinois, coordinated the settlement. It involves claims dating as far back as 2009 and features $1.7 billion debt cancellation, along with restitution totaling $95 million. 

About 66,000 private student loan borrowers will be impacted. Those who are eligible borrowers should get a notice from Navient by July 2022. There will also be refunds of any payments made on the canceled private loans after June 30, 2021. 

About 350,000 eligible federal student loan borrowers will receive restitution funds. In mailed postcards, which are expected to be sent in the spring, the borrowers will learn about eligibility for a $260 restitution payment. 

“Navient repeatedly and deliberately put profits ahead of its borrowers – it engaged in deceptive and abusive practices, targeted students who it knew would struggle to pay loans back, and placed an unfair burden on people trying to improve their lives through education,” said a statement from Pennsylvania Attorney General Josh Shapiro. “Today’s settlement corrects Navient’s past behavior, provides much needed relief to Pennsylvania borrowers, and puts in place safeguards to ensure this company never preys on student loan borrowers again.”

Navient has denied wrongdoing and called claims made against them "unfounded" in a statement. 

“The company’s decision to resolve these matters, which were based on unfounded claims, allows us to avoid the additional burden, expense, time and distraction to prevail in court,” says Navient Chief Legal Officer Mark Heleen. “Navient is and has been continually focused on helping student loan borrowers understand and select the right payment options to fit their needs. In fact, we’ve driven up income-driven repayment plan enrollment and driven down default rates, and every year, hundreds of thousands of borrowers we support successfully pay off their student loans.”