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The Consumer Financial Protection Bureau is taking Navient, the nation’s largest student loan servicer, to court for cheating borrowers
The CFPB claims Navient steered borrowers into payment options that made more money for Navient, and made borrowers pay more for their loans than was necessary.
the CFPB claims that Navient purposefully incentivised their customer service representatives to push numerous borrowers into forbearance
Navient services 12 million student loan borrowers and over $300 billion in federal and private student loans.
"At every stage of repayment, Navient chose to shortcut and deceive consumers
Among the allegations: that Navient failed to correctly apply borrowers' payments to their accounts; steered struggling borrowers into paying more than they had to; and hurt the credit of disabled borrowers, including injured veterans, by misreporting to the credit-reporting agencies the status of their loans.
Navient disputed the allegations, calling the suit a politically motivated "midnight action" two days before the Trump administration takes office.