Navient Corp., a significant servicer of private and federal student loans, is facing six lawsuits alleging that it harmed student loan borrowers throughout the repayment process. The suits are still pending and can take years to conclude. within the meantime, here are answers to common borrower questions:
The U.S. Consumer Financial Protection Bureau and thus the Illinois and Washington attorneys general sued Navient in January 2017. Pennsylvania’s attorney general filed a suit in October 2017. The California and Mississippi attorneys general filed suits in June and July 2018, respectively.
Provided unclear information about the thanks to re-enroll in income-driven repayment plans and therefore the thanks to qualify for a co-signer release.
The CFPB is asking Navient to compensate the borrowers the agency says were harmed. Navient believes the CFPB’s claims are “unfounded,” and says the suits are supported new servicing standards that are being applied retroactively, according to an October 2017 fact sheet. The agreement could also be an honest illustration of how borrowers and servicers can work together for the advantage of both parties,” said Randi Weingarten, president of the American Federation of Teachers, within the discharge . “It acknowledges that PSLF could also be an important program for several graduates who forgo larger salaries within the company sector to serve the overall public instead.
If you happen to have a large amount of student loan, then you might be highly interested in reducing your monthly loan payments or getting out of debt as fast as possible. Having a student loan down your throat can be a cause of constant stress and anxiety while stopping your financial growth. If the company Navient has serviced your loans, you are probably aware of Navient lawsuit by now and that those loans can be forgiven under certain circumstances. However, achieving Navient loan forgiveness might be a challenging process for students and is more problematic than it may sound. It is vital to comprehend how you and your debt fit in. As of May 2018, there are four Navient lawsuits each of them blaming the company of hurting student loan borrowers during the process of repayment and demanding Navient loan forgiveness.
Navient lawsuit was started in August 2015 when The Consumer Financial Protection Bureau or CFPB discovered a piece of hard evidence illustrating how the company is violating consumer protection laws. The Navient lawsuit can take a lot of time to conclude, and a lot of student loan borrowers are rightly concerned about the future outcome of the Navient lawsuit process.
The good news is, Navient’s request to dismiss the lawsuits which are pointed against them was denied. The Navient Corporation was claiming that States cannot control their business operations hoping to reject Navient lawsuit. What does that mean then? Well, it boosts the probability that Navient will eventually be forced to provide immense payouts to its harmed borrowers so you can get loan forgiveness. This indicates and makes clear that student loan servicers aren’t immune to the laws of the state and must be held accountable for their wrongdoings.
This is an outstanding piece of news which means we are going on the right path to receiving loan forgiveness. However, there is a small problem. The Education Department doesn’t accept Borrower’s Defense to Repayment Discharge applications which are against Student Loan Servicing Companies. It means the optimal way to get Navient loan forgiveness by pursuing a case against them is no longer an option. What you can do is to apply one against your school.