
Consumer Agency Sues Navient fka Sallie Mae, for Cheating Student Loan Borrowers
This is the CFPB’s Announcement of a Very Significant Enforcement Action CONSUMER FINANCIAL PROTECTION BUREAU SUES NATION’S LARGEST STUDENT LOAN COMPANY NAVIENT FOR FAILING BORROWERS AT EVERY STAGE OF REPAYMENT Today the Consumer Financial Protection Bureau (CFPB) sued Navient, formerly Sallie Mae, the nation’s largest servicer of both federal and private student loans for systematically and illegally failing borrowers at every stage of repayment. For years, Navient has created obstacles to repayment by providing bad information, processing payments incorrectly, and failing to act when borrowers complained. Through shortcuts and deception, the company also illegally cheated many struggling borrowers out of...
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