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Thu Jan 13, 2022, 09:12 PM

shady, dirt bag student loan servicer Navient required to cancel debt for 66,000 borrowers

Navient, one of the nation's large student loan servicers, has settled allegations of predatory lending practices for $1.85 billion, Pennsylvania's attorney general said Thursday. The settlement requires the company to cancel the debt of 66,000 borrowers, a total of $1.7 billion, and to pay $95 million in restitution to 350,000 borrowers, state Attorney General Josh Shapiro, per the AP and the Wall Street Journal. “Navient repeatedly and deliberately put profits ahead of its borrowers—it engaged in deceptive and abusive practices, targeted students who it knew would struggle to pay loans back, and placed an unfair burden on people trying to improve their lives through education,” Shapiro said.

The settlement involves 39 state attorneys general and resolves claims that Navient led student borrowers into long-term debt instead of giving them advice on less costly repayment plans. Navient said it did not act illegally, and it did not admit any fault in the settlement, per the New York Times. “The company’s decision to resolve these matters, which were based on unfounded claims, allows us to avoid the additional burden, expense, time and distraction to prevail in court,” says Mark Heleen, Navient’s chief legal officer.

Shapiro said the subprime loans were made “to borrowers they knew could not pay the money back,” a situation similar to the 2008 mortgage crisis. Additionally, he said, Navient misled "borrowers into forbearances ... and led many to accumulate more debt and never-ending interest payments.”

https://www.newser.com/story/315632/student-loan-servicer-must-cancel-debt-of-66k-borrowers.html?

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Reply shady, dirt bag student loan servicer Navient required to cancel debt for 66,000 borrowers (Original post)
Demovictory9 Jan 13 OP
Celerity Jan 13 #1
grumpyduck Jan 13 #2
FakeNoose Jan 13 #3
Demovictory9 Jan 13 #4

Response to Demovictory9 (Original post)

Thu Jan 13, 2022, 09:15 PM

1. K & R

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Response to Demovictory9 (Original post)

Thu Jan 13, 2022, 09:15 PM

2. Good.

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Response to Demovictory9 (Original post)

Thu Jan 13, 2022, 09:25 PM

3. And how about the victims they have ripped off all these years?



How many lives have been ruined by these thieves?

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Response to FakeNoose (Reply #3)

Thu Jan 13, 2022, 09:32 PM

4. they are paying restitution to another 350,000

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