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Navient Corp., the country’s student loan servicer that is largest, is dealing with four legal actions alleging it harmed education loan borrowers through the payment procedure.
October Pennsylvania’s attorney general was the latest to file a suit, which came in early. The U.S. Consumer Financial Protection Bureau while the Illinois and Washington lawyers basic sued Navient in January.
Among other items, the CFPB alleges that since at the least January 2010, Navient misallocated repayments, steered struggling borrowers toward numerous forbearances rather than income-driven repayment plans, and provided not clear information regarding how exactly to re-enroll in income-driven repayment plans and exactly how to qualify for the co-signer launch. The CFPB is asking Navient to pay the borrowers the agency states 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 ended up being section of Sallie Mae, made subprime loans to students, especially those going to for-profit schools.