Fed Sues Largest US Student Loan Company

iF YOU HAVE STUDENT LOANS ... then you are going to want to read this.

Consumer Financial Protection Bureau (CFPB) is suing Navient, the nation’s largest servicer of both federal and private student loans, saying it has failed borrowers at every stage of the repayment process for years.

The bureau says that Navient, formerly part of Sallie Mae, created obstacles to repayment by providing bad information, processing payments incorrectly, and failing to act when borrowers complained.

Navient is the largest student loan servicer in the United States. It services the loans of more than 12 million borrowers, including more than 6 million accounts under its contract with the Department of Education. Today's action names Navient Corporation and two of its subsidiaries: Navient Solutions is a division responsible for loan servicing operations; Pioneer Credit Recovery specializes in the collection of defaulted student loans.

For more on this lawsuit, you can read the complaint HERE.



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