Lawsuit alleges multiple misleading education loan lending, servicing and business collection agencies techniques
OLYMPIA — Attorney General Bob Ferguson today filed case against education loan servicer Navient Corporation, an offshoot of education-finance giant Sallie Mae.
In addition, Ferguson additionally announced their agency-request education loan Bill of Rights legislation, introduced this session, to give more resources for pupils and establish requirements for education loan servicers like Navient.
“Enormous student-loan financial obligation is a concern for several Washingtonians, ” Ferguson stated. “i am going to hold businesses accountable once they treat borrowers unfairly. ”
The lawsuit, filed today in King County Superior Court, accuses Navient, the nation’s student-loan servicer that is largest, of lots of unjust and misleading methods. Those methods included improperly steering economically troubled pupils toward short-term forbearances, participating in aggressive and collection that is misleading and much more.
The lawsuit may possibly influence large number of Washingtonians, including anybody who received personal figuratively speaking from Sallie Mae just before 2009 and whoever has their loan serviced by Navient and contains skilled the alleged conduct.
Today’s lawsuit could be the culmination of a multi-year research by Washington, Illinois plus the federal customer Financial Protection Bureau, involving depositions and interviews of Navient professionals together with report on a large number of pages of company papers. The lawsuit is filed in conjuncti on with comparable matches by the Illinois Attorney General’s workplace therefore the CFPB. Continue reading “AG Ferguson files suit against Sallie Mae offshoot Navient Corp., announces scholar Loan Bill of Rights legislation”