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 commercial collection agency methods

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 criteria for education loan servicers like Navient.

“Enormous student-loan financial obligation is a problem for all 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 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 affect 1000s of Washingtonians, including anybody who received personal figuratively speaking from Sallie Mae just before 2009 and those who have their loan serviced by Navient and has now skilled the so-called conduct.

Today’s lawsuit may be the culmination of a investigation that is multi-year Washington, Illinois together with federal customer Financial Protection Bureau, involving depositions and interviews of Navient professionals therefore the report about several thousand pages of business documents. Continue reading “AG Ferguson files suit against Sallie Mae offshoot Navient Corp., announces scholar Loan Bill of Rights legislation”