“The country’s largest student loan company is being sued by the Consumer Financial Protection Bureau, which alleges in a sweeping lawsuit that the company misled students, bungled payment processing, and “cheated” borrowers out of lower repayment rates in favor of its own bottom line. Navient Corp., formerly known as Sallie Mae, services $300 billion in loans owed by more than 12 million borrowers, the CFPB said in a press release — meaning that one in four Americans who owe student loans has Navient as their servicer. The company has a contract with the Education Department to service 6 million federal student loans, acting as a link between the government and borrowers by processing their payments and providing information and guidance.”

Source: Molly Hensley-Clancy. “America’s Largest Student Loan Company Misled Borrowers, Government Says.” Buzzfeed. January 18, 2017. https://www.buzzfeed.com/mollyhensleyclancy/government-sues-americas-largest-student-loan-company

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