CFPB Sues Nation’s Largest Education loan Team Navient to have Failing Individuals at each and every Phase out of InstallmentStaff
Arizona, D.C. – Now the consumer Economic Coverage Bureau (CFPB) try suing the nation’s prominent servicer out of both federal and personal student loans having systematically and you may dishonestly failing consumers at each and every stage out of fees. For years, Navient, formerly element of Sallie Mae, composed obstacles to installment by providing bad information, handling costs wrongly, and you may failing to work when consumers reported. Courtesy shortcuts and you will deception, the company together with illegally cheated of numerous striving borrowers out of their liberties to lessen money, and that triggered them to shell out alot more than simply they’d to help you because of their money. Brand new Bureau tries to recuperate extreme recovery towards borrowers hurt by the such illegal repair disappointments.
“Consistently, Navient unsuccessful customers exactly who mentioned into business to simply help bring her or him a reasonable opportunity to pay off the student education loans,” said CFPB Manager Richard Cordray. “At each and every phase from payment, Navient decided to shortcut and you will deceive consumers to store with the working will set you back. […]