Navient banned from student loans, ordered to pay $120 million in settlement
By Lauren Taylor, Emma Stoltzfus (Video Editor)
This report was created with support from enhanced software.
In a settlement, Navient is permanently banned from servicing federal student loans and must pay $120 million in penalties and borrower relief. The Consumer Financial Protection Bureau (CFPB) accused Navient of steering struggling borrowers into costly forbearance options instead of income-driven repayment plans, mishandling payment processing, and harming the credit of disabled borrowers.
Media Landscape
See who else is reporting on this story and which side of the political spectrum they lean. To read other sources, click on the plus signs below. Learn more about this dataBias Distribution
Left
US consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on Associated Press NewsUS consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on abc NewsUS bans Navient from servicing federal student loans
Click to see story on CNNStudent loan servicer Navient reaches $120 million settlement
Click to see story on The Washington PostStudent-loan borrowers are getting $100 million in payments after being ‘cheated’ out of lower bills by a major lender, a federal consumer watchdog says
Click to see story on Business InsiderNavient reaches $120 million settlement for misleading student loan borrowers
Click to see story on nprNavient, CFPB reach $120M settlement over landmark student loan servicing case
Click to see story on PoliticoNavient reaches $120 million settlement for misleading student loan borrowers
Click to see story on AxiosUS bans Navient from servicing federal student loans
Click to see story on CBS58Navient accepts US student loan ban, pays $120 million in CFPB settlement
Click to see story on ReutersUS bans Navient from servicing federal student loans
Click to see story on KRDONavient reaches $120 million settlement with CFPB for misleading student loan borrowers
Click to see story on CNBCUS bans Navient from servicing federal student loans
Click to see story on KVIANavient banned from federal student loan servicing, fined $120M
Click to see story on The HillNavient banned from federal student loans; to pay $120 million for ‘years of abuse’
Click to see story on UPIUS consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on Pioneer PressStudent loan servicer Navient reaches $120 million settlement
Click to see story on Portland Press HeraldNavient Reaches $120 Million Settlement for Student Loans. The Stock Is Rising.
Click to see story on Barron'sUS consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on KESQRight
Untracked Bias
CFPB bans Navient federal student loan servicing, issues $120M fine
Click to see story on American BankerCFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures | Consumer Financial Protection Bureau
Click to see story on Consumer Financial Protection BureauNavient reaches $120 million settlement for misleading student loan borrowers – TPR: The Public’s Radio
Click to see story on thepublicsradio.orgNavient (NASDAQ: NAVI) Settles CFPB Lawsuit with $120 Million Payout and Loan Ban
Click to see story on abbonews.comNavient $120 million settlement Over Student Lending Practices – USA Herald
Click to see story on USA HeraldNavient reaches $120 million settlement for misleading student loan borrowers
Click to see story on kios.orgNavient allegedly enrolled 1.5 million borrowers in multiple consecutive forbearances, resulting in $4 billion in additional interest charges.
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In a statement, Navient says it does not agree with the CFPB’s allegations. However, the company states, “This agreement puts these decade-old issues behind us.”
Under the settlement, Navient is banned from serving federal student loans. Navient will also pay a $20 million penalty and provide $100 million in relief to affected borrowers.
The CFPB said it will mail checks to eligible borrowers, and affected consumers will not need to do anything to obtain redress.
Lauren Taylor
IN A SETTLEMENT — NAVIENT IS PERMANENTLY BANNED FROM SERVICING FEDERAL STUDENT LOANS AND MUST PAY $120 MILLION IN PENALTIES AND BORROWER RELIEF.
THE CONSUMER FINANCIAL PROTECTION BUREAU ACCUSED NAVIENT OF STEERING STRUGGLING BORROWERS INTO COSTLY FORBEARANCE OPTIONS INSTEAD OF INCOME-DRIVEN REPAYMENT PLANS, MISHANDLING PAYMENT PROCESSING AND HARMING THE CREDIT OF DISABLED BORROWERS.
NAVIENT ALLEGEDLY ENROLLED 1.5 MILLION BORROWERS IN MULTIPLE CONSECUTIVE FORBEARANCES, RESULTING IN $4 BILLION DOLLARS IN ADDITIONAL INTEREST CHARGES.
IN A STATEMENT, NAVIENT SAYS IT DOES NOT AGREE WITH THE C-F-P-B’S ALLEGATIONS, HOWEVER, THE COMPANY STATES “THIS AGREEMENT PUTS THESE DECADE-OLD ISSUES BEHIND US.”
UNDER THE SETTLEMENT, NAVIENT IS BANNED FROM SERVING FEDERAL STUDENT LOANS.
NAVIENT WILL PAY A $20 MILLION PENALTY AND PROVIDE $100 MILLION IN RELIEF TO AFFECTED BORROWERS.
THE C-F-P-B SAYS IT WILL MAIL CHECKS TO ELIGIBLE BORROWERS AND AFFECTED CONSUMERS WILL NOT NEED TO DO ANYTHING TO OBTAIN REDRESS.
FOR SAN, I’M LT.
Media Landscape
See who else is reporting on this story and which side of the political spectrum they lean. To read other sources, click on the plus signs below. Learn more about this dataBias Distribution
Left
US consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on Associated Press NewsUS consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on abc NewsUS bans Navient from servicing federal student loans
Click to see story on CNNStudent loan servicer Navient reaches $120 million settlement
Click to see story on The Washington PostStudent-loan borrowers are getting $100 million in payments after being ‘cheated’ out of lower bills by a major lender, a federal consumer watchdog says
Click to see story on Business InsiderNavient reaches $120 million settlement for misleading student loan borrowers
Click to see story on nprNavient, CFPB reach $120M settlement over landmark student loan servicing case
Click to see story on PoliticoNavient reaches $120 million settlement for misleading student loan borrowers
Click to see story on AxiosUS bans Navient from servicing federal student loans
Click to see story on CBS58Navient accepts US student loan ban, pays $120 million in CFPB settlement
Click to see story on ReutersUS bans Navient from servicing federal student loans
Click to see story on KRDONavient reaches $120 million settlement with CFPB for misleading student loan borrowers
Click to see story on CNBCUS bans Navient from servicing federal student loans
Click to see story on KVIANavient banned from federal student loan servicing, fined $120M
Click to see story on The HillNavient banned from federal student loans; to pay $120 million for ‘years of abuse’
Click to see story on UPIUS consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on Pioneer PressStudent loan servicer Navient reaches $120 million settlement
Click to see story on Portland Press HeraldNavient Reaches $120 Million Settlement for Student Loans. The Stock Is Rising.
Click to see story on Barron'sUS consumer watchdog moves to permanently ban Navient from federal student loan servicing
Click to see story on KESQRight
Untracked Bias
CFPB bans Navient federal student loan servicing, issues $120M fine
Click to see story on American BankerCFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures | Consumer Financial Protection Bureau
Click to see story on Consumer Financial Protection BureauNavient reaches $120 million settlement for misleading student loan borrowers – TPR: The Public’s Radio
Click to see story on thepublicsradio.orgNavient (NASDAQ: NAVI) Settles CFPB Lawsuit with $120 Million Payout and Loan Ban
Click to see story on abbonews.comNavient $120 million settlement Over Student Lending Practices – USA Herald
Click to see story on USA HeraldNavient reaches $120 million settlement for misleading student loan borrowers
Click to see story on kios.orgVOTE WITH THE UNBIASED, STRAIGHT FACTS.™
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