US bans Navient from servicing federal student loans
Collection Industry News
SEPTEMBER 22, 2024
WashingtonCNN — A federal regulator said Thursday that it is banning Navient from servicing federal student loans and ordering the company to pay $120 million. The agreement settles a lawsuit brought by the Consumer Financial Protection Bureau in 2017, which claimed the company misled student loan borrowers and processed their payments incorrectly. At the time, Navient – which was previously spun off from servicer Sallie Mae – was one of the biggest companies contracted by the Department of Educ
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