AG Ferguson files suit against Sallie Mae offshoot Navient Corp., announces scholar Loan Bill of Rights legislation
Lawsuit alleges numerous misleading education loan lending, servicing and commercial collection agency 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 offer more resources for pupils and establish criteria for education loan servicers like Navient.
“Enormous student-loan financial obligation is a problem for several Washingtonians, ” Ferguson stated. “i am going to hold organizations 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 techniques 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 a huge number of Washingtonians, including anybody who received personal figuratively speaking from Sallie Mae ahead of 2009 and whoever has their loan serviced by Navient and contains experienced the conduct that is alleged.
Today’s lawsuit may be the culmination of the investigation that is multi-year Washington, Illinois plus the federal customer Financial Protection Bureau, involving depositions and interviews of Navient professionals while the writeup on tens of thousands of pages of business papers. Continue reading