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Feds Sue Student Loan Giant Navient: Exactly Just What Borrowers Need to Understand

Wednesday, May 20th, 2020

The U.S. Customer Financial Protection Bureau is suing Navient Corp., the nation’s largest student loan servicer, accusing it of “systematically and illegally failing borrowers at each phase of payment, ” according to a news release Wednesday. The CFPB is asking Navient to compensate the borrowers the agency claims had been harmed.

The CFPB alleges that since at least January 2010, Navient misallocated payments, steered struggling borrowers toward multiple forbearances instead of income-driven repayment plans, and provided unclear information about how to re-enroll in income-driven repayment plans and how to qualify for a co-signer release among other things.

Navient denied the CFPB’s allegations in a declaration Wednesday, saying they’ve been false and politically motivated. The education loan giant, which broke removed from Sallie Mae Bank, among the biggest lenders of personal figuratively speaking, in 2014, presently services a lot more than $300 billion in federal and student that is private for longer than 12 million borrowers. (more…)