Notable litigation and how it affects your student loans – The Financial Mag

If you see the “Mixture Issue” around the internet and news, it’s because of its importance today, especially for the many student loans in the country. Navient Corp. It is one of the leading providers of student loan services in the United States, both federal and private. Due to the alleged adverse actions taken by the company in the repayment process of the lenders, Navient Corp. has filed a class action lawsuit. The last state to file a lawsuit against the company is California.

Considering that it is the largest provider of student loan services in the country, Naviente currently manages approximately $ 300 billion in government and private students, with a total customer base of $ 12 billion. As it is the largest student loan server, it is likely that you will also manage your student loan, if any.

What is the Maritime Law?

The first lawsuit against Naviente was filed in January 2017 by the U.S. Office of Consumer Financial Protection, along with top prosecutors in Washington and Illinois. In October of the same year, Pennsylvania’s attorney general followed, and the last one was filed by California’s attorney general in June 2018. Overall, the main points raised by the CFPB in the lawsuit were: when payments were misallocated from 2010 onwards, there was vague information about lenders’ re-submission of plans to return them to the income category (as well as clear instructions for dismissing joint signatories), and the company’s obvious is to encourage lenders who have difficulty repaying loans.

On the other hand, the focus of the lawsuit filed by California’s top attorneys is on federal student credit. He mentioned that due to illegal business practices, Naviente has caused damage to the lenders by causing them to overpay, and that the company has also not freed borrowers with permanent and total disability from loans. Of the 1.5 million Californian student loan loans served by Naviente, they account for 3.5% of all student loans in the country, with a total of approximately $ 44 million totaling $ 1.5 trillion in loans.

How to determine Navient your loan service?

When you say ‘loan server’ it doesn’t necessarily mean the company you borrowed money from to pay for your studies. The loan service or service provider is the monthly repayment of the loan. Here’s what you can do to find out if Navient is serving your student loan.

Check if you have a federal loan

If you know whether your student loan repayment is managed by a private organization or sponsored by the federal government, you can check out the Federal Student Support website. If you know that you have a federal student loan, you will automatically be logged into the aforementioned website if you have an FSA number. Once logged in, you need to click on the Current ED server to Navient your loan service or other companies such as Nelnet, FedLoan Services and Great Lakes Higher Education.

If you have a private loan

If you do not have an FSA number and are unable to log on to the Federal Student Support website to verify the company that serves your student loan, yours must be private and the government has no protection. You can simply verify your recent loan receipt, the entity that sent you that statement is your loan service provider. In addition, if you have a loan account online that you regularly check to see the status of the loan or make payments, you can also check if Navient is your loan service provider.

What can Navient do if my server?

When you see your Navient company name as your loan server, don’t panic and rush to change service providers. Experts agree that actions like refinancing your loan can do more harm than good. The problem is, the other service provider you switch to will provide better services than Naviente. The company may have a lawsuit over illegal business practices today, since they realized they were the largest student loan server, other options may be small businesses, but you still can’t be sure they have good business practices.

The first step is to check your loan documents and records and see if there are any inconsistencies and errors in your credit report and, if necessary, you can file a complaint with the CPFB. If you feel that you have been constantly forced to enter, this means that while you are requesting a temporary suspension of loan payments, interest on the loan is accumulating, you can contact Navient and request that the loan status be low. income-driven amortization plan. Or if you have a federal student loan, you can go ahead and apply for an income-based repayment plan at studentloans.gov.

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