Student loan giant Navient will cancel $1.7 billion in debts owed by approximately 66,000 borrowers as part of the settlement the company reached Thursday with a coalition of 39 states attorneys general. One of the largest providers of student loan services, Navient in recent years had faced allegations of questionable practices. In 2019, an audit (pdf) by the U.S. Department of Education’s Office of Inspector General found that Navient representatives tended to place borrowers into long-term forbearances instead of offering them other more affordable income-driven repayment options. The agreement announced Thursday will put an end to a series of lawsuits and investigations, which accused Navient of “violating consumer-protection laws” or “causing borrower harm,” according to the Delaware-based company. Under the terms of the settlement, Navient will cancel loan balances of some 66,000 borrowers with certain qualifying private education loans that were originated largely between 2002 and 2010 and later defaulted …