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Navient Corp., the country’s biggest student loan servicer, is dealing with four lawsuits alleging so it harmed education loan borrowers through the entire payment procedure.
Pennsylvania’s attorney general ended up being the latest to register a suit, which arrived at the beginning of October. The U.S. Customer Financial Protection Bureau therefore the Illinois and Washington lawyers basic sued Navient in January.
Among other items, the CFPB alleges that since at the very least January 2010, Navient misallocated repayments, steered struggling borrowers toward numerous forbearances as opposed to income-driven payment plans, and supplied ambiguous details about just how to re-enroll in income-driven payment plans and exactly how to qualify for a co-signer launch. The CFPB is asking Navient to pay the borrowers the agency says were harmed.
The Illinois, Washington and Pennsylvania suits make similar 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 pupils, especially those going to for-profit schools. Navient broke faraway from Sallie Mae Bank, one of many biggest student that is private loan providers, in 2014.
The allegations in Pennsylvania’s suit are “totally unfounded, ” Navient stated in a 5 statement october. The business has also rejected the allegations within the other three instances, filing motions to dismiss them. (altro…)
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