|U.S. Government Sues Navient|
Once again the largest student loan servicing company has taken advantage of borrowers who desperately need their help. This is not the first time this company has gotten themselves in trouble as they have been sued several times under their old name, Sallie Mae.
The big issue is why does the servicing company hired to ensure borrowers manage their student loans properly continue to purposely fail at this? If you can not trust the company managing your tens, and sometimes, hundreds of thousands of dollars in student loans, than who can you trust?
The U.S. Consumer Financial Protection Bureau accused Navient, which was spun off of Sallie Mae in 2014, of “systematically and illegally failing borrowers at every stage of repayment.”
This kind of news makes you wonder why Navient has been allowed to handle the largest amount of Federal loan debt (servicing more than 12 million borrowers loans) if they are intentionally mismanaging it. When you go through years of schooling and have a large debt burden you are already stressed enough. Trying to determine if your loan repayment is being handled correctly is not something you should have to deal with.
The bureau said Navient often failed to allocate payments to borrowers’ accounts, steered people into more expensive forbearance options when they could not make their payments and obscured information that could lead to lower monthly payments.
To avoid your lender taking advantage of you, work with a company that is on your side. Degrees of Success is not, nor has ever been, affiliated with Navient. We Work For You!
Contact Degrees of Success to learn how to ensure your student loans are managed correctly.