CFPB Says Navient Hurt Borrowers Through Sloppy Servicing
Law360, Chicago (January 18, 2017, 5:24 PM EST) -- The Consumer Financial Protection Bureau filed a lawsuit in Pennsylvania federal court Tuesday against the country's largest student loan servicer, Navient Corp., accusing the company of steering borrowers to more expensive repayment plans and creating obstacles to their right to lower their monthly payments.
Navient, which holds a U.S. Department of Education contract for servicing and managing more than $300 billion in federal and private student loans for 12 million borrowers, allegedly gave their customers incorrect information about repayment plans, applied payments to the wrong loans and failed to respond to the borrowers' complaints, according to the suit.
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