Published 09/12/2024 6:26:00 p.m.

Navient accepts US student loan ban, pays $120 million in CFPB settlement

The Consumer Financial Protection Bureau is banning Navient from servicing federal student loans and requiring a $120 million payment to settle a lawsuit filed in 2017.
Navient will pay a $20 million penalty and provide $100 million to impacted borrowers, who will receive checks without needing to take action.
CFPB Director Rohit Chopra stated that this settlement aims to end years of abuse in student loan servicing.

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Reuters

Navient accepts US student loan ban, pays $120 million in CFPB settlement

A U.S. regulator on Thursday banned Navient from servicing federal student loans, excluding the company once known as Sallie Mae from a market it once led, and ordered it to pay $120 million for years of student lending failures.

09/12/2024 6:26:00 p.m.·United Kingdom

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Associated Press News

US consumer watchdog moves to permanently ban Navient from federal student loan servicing

NEW YORK (AP) — The U.S. Consumer Finance Protection Bureau has filed a proposed order to permanently ban Navient from directly servicing federal student loans, which the agency says will put an end “years of abuse.” Under terms of the Thursday order, which Navient agreed to without admitting any wrongdoing, the Virginia-based financial services company would also have to pay a $20 million penalty and provide another $100 million in relief to im…

09/12/2024 6:41:49 p.m.·United States

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abc News

US consumer watchdog moves to permanently ban Navient from federal student loan servicing

The U.S. Consumer Finance Protection Bureau has filed a proposed order to permanently ban Navient from directly servicing federal student loans, which the agency says will end years of abusive lending practices

09/12/2024 6:41:49 p.m.·United States

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CNN

US bans Navient from servicing federal student loans

A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million.

09/12/2024 3:34:57 p.m.·Atlanta, United States

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KRDO

US bans Navient from servicing federal student loans

By Katie Lobosco, CNN Washington (CNN) — A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million. The agreement settles a lawsuit brought by the Consumer Financial Protection Bureau in 2017, which claimed the company misled student loan borrowers and processed their payments incorrectly. At the time, Navient – which was previously spun off from servicer Sallie…

09/12/2024 3:34:57 p.m.·Colorado Springs, United States

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