Dated January 18th 2017 taken from the CFPB website
Washington D.C – Today the Consumer Financial Protection Bureau (CFPB) is suing the Nations largest servicer of both Federal and Private student loans for systematically and illegally failing borrowers at every stage of repayment. For years , Navient , formerly part of Sallie Mae, created obstacles to repayment by providing bad information , processing payments, incorrectly, and failing to act when borrowers complained. Through shortcuts and deception, the company also illegally cheated many struggling borrowers out of their rights to lower repayments, which caused them to pay much more than they had to for their loans. The Bureau seeks to recover significant relief for the borrowers harmed by these illlegal servicing failures.
Formerly part of Sallie Mae, Inc, Navient is the largest student loan servicer in the United States. It services over 12 million borrowers, including more than 6 million accounts under its contract with the Department of Education. Altogether it services more than $300 billion in federal and private Student loans. Names in today’s suits are Navient Corporation and two of its subsideiaries: Navient Solutions is a division responsible for loan servicing operations; Pioneer Credit Recovery specializes in the collection of defaulted student loans.
Read the Report in full Click Here
If you have a student loan with Navient, check out all the other post on Resources for Single moms on related topics and lawsuits that have been filed with mostly for profit Colleges.
This Bureau is able to file this law suit with facts from the hundreds of thousands of complaints over the years it has recieved on its website.
Who is your Student Loan Holder ? You need to find out.
Here is another website offering some details, remember they offer infomation free then offer their debt consolidation programs, just read the free info never inquire on there services.
Resources for single moms will keep you posted on this lawsuit, keep in mind this is one in many suits filed with lenders and many the schools themselves in the past few years, where is all this heading I dont think we want to know but for now see if you have any legal recourse on your own or make sure you have gained enough knowlede through this post and others to defend yourself or represent yourself.