CFPB Sues Nation’s Largest Student loan Organization Navient to own Faltering Consumers at each and every Phase out-of Installment
Washington, D.C. – Now the consumer Economic Safety Agency (CFPB) are suing the nation’s biggest servicer out of both government and private student education loans getting methodically and dishonestly weak consumers at each phase out-of fees. For decades, Navient, formerly part of Sallie Mae, created barriers so you can cost giving bad suggestions, handling costs improperly, and you may failing woefully to work whenever consumers reported. Through shortcuts and you will deception, the organization as well as dishonestly duped of several struggling individuals from their rights to lower money, and that triggered these to spend a lot more than just they had so you’re able to for their loans. The newest Agency seeks to recoup significant relief for the consumers harm because of the such illegal maintenance problems.
“For years, Navient were unsuccessful people which counted with the company to help offer him or her a reasonable possible opportunity to pay off the figuratively speaking,” said CFPB Manager Richard Cordray. “At every stage regarding cost, Navient decided to shortcut and you will hack users to store toward performing costs. …
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