student loans
Navient got sued by the federal watchdog and this time, the result may be the end of an era
It seems almost unbelievable. After years of driving student borrowers mad with their failure to provide information, their constant collection calls and emails, and their mis-information about repayments, Navient — formerly known as Sallie Mae — may be exiting the federal student loan arena. Not only that, but they are paying $120 million — $100 million of which is for consumers who were harmed between 2011 and 2017.
The order is LONG (52 pages!) and includes a lot of requirements on Navient, including how they should be handling private loans, co-signers, and credit reporting. Watch this space and I will attempt to break this down and keep you updated on new changes.
And here is the press release from the CFPB itself — https://www.consumerfinance.gov/about-us/newsroom/cfpb-bans-navient-from-federal-student-loan-servicing-and-orders-the-company-to-pay-120-million-for-wide-ranging-student-lending-failures/
Are you struggling with federal or private student loans? Contact me, Amy Beth Clark, and I can provide options as well as representation.