Published 09/13/2024 8:30:29 p.m.

Navient banned from student loans, ordered to pay $120 million in settlement

Summary by Straight Arrow News

In a settlement, Navient is permanently banned from servicing federal student loans and must pay $120 million in penalties and borrower relief. The Consumer Financial Protection Bureau (CFPB) accused Navient of steering struggling borrowers into costly forbearance options instead of income-driven repayment plans, mishandling payment processing, and harming the credit of disabled borrowers. Navient allegedly enrolled 1.5 million borrowers in mult…

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Straight Arrow News

Navient banned from student loans, ordered to pay $120 million in settlement

09/13/2024 8:30:29 p.m.

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inkfreenews.com

Student Loan Servicing Company Banned and Sued for $120 Million

News Release WASHINGTON, D.C. — The Consumer Financial Protection Bureau filed a proposed order against the student loan servicer Navient for its years of failures and lawbreaking Thursday, Sept. 12. If entered by the court, the proposed order would permanently ban the company from servicing federal Direct Loans and would forbid the company from directly servicing or acquiring most loans under the Federal Family Education Loan Program. These ban…

09/13/2024 8:30:14 p.m.

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