Millions of student loan borrowers are being overcharged and their credit heavily damaged by the country's largest student loan servicer, Navient.
According to a lawsuit by the Consumer Finance Protection Bureau, Navient has routinely steered borrowers towards plans with higher interest payments, misled them about the requirements for income based-repayment plans, and even misreported loans to the credit bureau - reporting borrowers for being in default, when their loans had actually been forgiven. The CFPB estimates that 40% of student loan company complaints to its hotline since 2012 have been about Navient.
Tell Navient to stop overcharging students.
This isn't the first time Navient has been called out by the government for overcharging. In 2015, after multiple complaints and an investigation by the Department of Justice, they finally agreed to reimburse military veteran borrowers. Some vets eventually received more than $100,000 in refunds from Navient, reflecting years of overcharges.
This time, Navient's trying to stall the CFPB, hoping that a new administration will distract attention from their actions. Let them know we're still watching them.
Tell Navient to reimburse the student loan borrowers now.
More information
Mic. 18 January 2017.
NBC News. 19 January 2017.
PBS NewsHour. 21 October 2016.