“Time will tell” what impact these lawsuits have on borrowers, says Betsy Mayotte, director of consumer outreach and compliance at American Student Assistance, a nonprofit that helps students pay for college. Among other things, the CFPB alleges that since at least January 2010, Navient misallocated payments, steered struggling borrowers toward multiple forbearances instead of income-driven repayment plans, and provided unclear information about how to re-enroll in income-driven repayment plans and how to qualify for a co-signer release.
Consumer Financial Protection Bureau is suing Navient Corp., the nation’s largest student loan servicer, accusing it of “systematically and illegally failing borrowers at every stage of repayment,” according to a press release Wednesday. The CFPB is asking Navient to compensate the borrowers the agency says were harmed.
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Further, many students don’t even know how much they owe, what their interest rate is or do enough research on student loan repayment companies.
You see, most of us graduated with Federal Student Loans and we’re not entirely sure what we’re supposed to do.
ACS offered me 5.75% interest and my repayments were going to be 0 for 30 years. And stupid me at the time, I sucked at money and didn’t understand that this was way off.
At the time, the feds were charging almost 8% interest and for the first time in history, loan companies were offering dramatically lower interest rates.
So I received some direct mail piece, called the number and decided to transfer my student loans to ACS.
Studies released by Urban Institute in July 2014 showed that 35 percent of Americans -- roughly one out of three -- are so behind in their finances that they have debt in collections.
Many people become overwhelmed by their debts, but they don't have to be.