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Posted by / 01-Nov-2017 13:56

The company has also rejected the allegations in the other three cases, filing motions to dismiss them. District Court judge denied Navient’s motion to dismiss the CFPB’s case.In a March 2017 fact sheet, it said the CFPB, Illinois and Washington suits are based on new servicing standards that are being applied retroactively. The case is now moving toward the discovery process of gathering evidence, which could lead to further motions, a trial or a settlement, says Suzanne Martindale, a staff attorney at Consumers Union, the policy and action arm of Consumer Reports.Even if you can’t change servicers, there are a number of things you can do to voice your concerns and protect yourself as a borrower: File complaints, check your credit report for errors, learn about your repayment options, and watch out for companies that charge fees for student loan help.You can file complaints to one or more of the following entities: The CFPB alleges that Navient ignores borrowers’ complaints.The CFPB is asking Navient to compensate the borrowers the agency says were harmed.The Illinois, Washington and Pennsylvania suits make similar claims to the CFPB’s allegations and also allege that Navient, when it was part of Sallie Mae, made subprime loans to students, particularly those attending for-profit schools.

Navient services more than 0 billion in federal and private student loans for more than 12 million borrowers, or over a fourth of the U. It’s important to know whether you have federal or private student loans, or both, Martindale points out, because different types of loans have different borrower protections.It’s not always the same company that lent you money in the first place. Prior to 2010, private banks, including Sallie Mae, lent federally guaranteed student loans under the Federal Family Education Loan program.Log on to the Federal Student Aid website to find your federal loan servicer.Navient broke off from Sallie Mae Bank, one of the largest private student loan lenders, in 2014.The allegations in Pennsylvania’s suit are “completely unfounded,” Navient said in an October 5 statement.

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If your servicer isn’t answering your student loan questions, reach out to the Department of Education or your state’s attorney general’s office for help.