Navient: Offender in student loan servicing fined $120M
The American student loan servicer Navient has been banned indefinitely from federal student loan servicing following reports of lending failures. Following a settlement, Navient was ordered to pay $20 million in fines.
In 2017, the Consumer Financial Protection Bureau sued Navient for allegedly misleading students about income-driven repayment plans, harming the credit scores of borrowers whose loans had been discharged and mishandling payment processing, according to a news report from The Hill.
In addition to the fine, Navient will be responsible for paying $100M to thousands of borrowers who were deceived by the company.
Read more: The Hill
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