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Navient Corp., the country’s biggest education loan servicer, is facing four legal actions alleging so it harmed education loan borrowers through the entire payment procedure.
October Pennsylvania’s attorney general was the latest to file a suit, which came in early. The U.S. Customer Financial Protection Bureau while the Illinois and Washington lawyers basic sued Navient in January.
On top of other things, the CFPB alleges that since at least January 2010, Navient misallocated repayments, steered struggling borrowers toward numerous forbearances in place of income-driven payment plans, and supplied ambiguous information on simple tips to re-enroll in income-driven repayment plans and exactly how to qualify for the co-signer launch. The CFPB is asking Navient to compensate the borrowers the agency claims had been harmed.
The Illinois, Washington and Pennsylvania matches make comparable claims to your CFPB’s allegations and additionally allege that Navient, with regards to was element of Sallie Mae, made subprime loans to pupils, especially those going to for-profit schools.