AG Ferguson files suit against Sallie Mae offshoot Navient Corp., announces scholar Loan Bill of Rights legislation

AG Ferguson files suit against Sallie Mae offshoot Navient Corp., announces scholar Loan Bill of Rights legislation

Lawsuit alleges numerous student that is deceptive lending, servicing and business collection agencies techniques

OLYMPIA — Attorney General Bob Ferguson filed a lawsuit against student loan servicer Navient Corporation, an offshoot of education-finance giant Sallie Mae today.

In addition, Ferguson additionally announced their agency-request education loan Bill of Rights legislation, introduced this session, to supply more resources for pupils and establish requirements for education loan servicers like Navient.

“Enormous student-loan financial obligation is a problem for most 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 techniques. Those methods included improperly steering financially troubled pupils toward short-term forbearances, participating in aggressive and collection that is misleading and much more.

The lawsuit may possibly affect 1000s of Washingtonians, including anybody who received personal student education loans from Sallie Mae ahead of 2009 and those who have their loan serviced by Navient and it has skilled the conduct that is alleged.

Today’s lawsuit may be the culmination of a multi-year research by Washington, Illinois in addition to federal customer Financial Protection Bureau, involving depositions and interviews of Navient professionals additionally the post on tens and thousands of pages of business papers. Continue reading “AG Ferguson files suit against Sallie Mae offshoot Navient Corp., announces scholar Loan Bill of Rights legislation”