S/V Sundance: The big news about the company that was once America’s biggest student loan servicer

Friday, September 20, 2024

The big news about the company that was once America’s biggest student loan servicer

Faith, the Consumer Financial Protection Bureau just announced that Navient, which was once the biggest student loan servicer in America, will have to pay $100 million in relief to borrowers they harmed — on top of a $20 million fine — and will be barred from federal student loan servicing.

I've been working for years to hold Navient's feet to the fire for their appalling abuses of student loan borrowers, including…

Steering people into more expensive repayment options, making it harder for them to pay back their loans
Throwing roadblocks in the way of student debt cancellation for borrowers who attended fraudulent for-profit schools
Failing to report borrower complaints — which maybe wasn't a surprise, because for years they ranked dead last in borrower satisfaction according to surveys from the Department of Education

The CFPB's actions are an example of the CFPB doing what it does best: holding cheaters accountable and putting money back in the pockets of people who got hurt.

All together, the CFPB has delivered over $20 billion in relief. That's over 20 billion reasons why it was worth fighting uphill all the way to create this agency dedicated to looking out for consumers. And that's over 20 billion reasons why we need to keep fighting back as the CFPB's opponents keep trying to block this agency from doing its job.

While I continue working to hold student loan servicers accountable for mistreating borrowers, I'll keep working alongside the Biden-Harris administration to cancel more student debt — on top of the nearly $170 billion in relief they've delivered to over 4.7 million borrowers.

And I won't stop working to put higher education within reach for all. Everyone who wants to should be able to continue their education after high school even if they don't come from a family that can write a big tuition check.

I take on these fights so we can build a future not just for some of our kids but for all of our kids. And we're able to win these fights because grassroots donors power our grassroots movement.

If it makes sense for you right now, will you pitch in $28 or any amount to our re-election campaign and help make more change that makes a real difference in working people's lives?