From U.S. Senator Elizabeth Warren:
Student loan giant Navient just gave up the game. In January, the Consumer Financial Protection Bureau sued Navient (formerly known as Sallie Mae) for cheating borrowers by steering them away from repayment options that could lower their monthly payments. Navient has now officially responded to this lawsuit, and after years of pretending like they care about struggling borrowers, they’ve finally admitted the truth: Navient does not believe they have an obligation to “act in the interest of the consumer.”
That’s appalling. The federal government paid this company more than $100 million last year to help borrowers manage their student loans, yet this company doesn’t believe it should to try to act in the best interest of students? Then why the heck is the Education Department still paying them?! This is exactly why students everywhere need a strong CFPB – to go after sleazy student loan companies like Navient that believe it’s fine for them to cheat students on the federal taxpayers’ dime.
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