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

Lawsuit alleges numerous deceptive education loan 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 offer more resources for pupils and establish criteria for education loan servicers like Navient.

“Enormous student-loan financial obligation is a concern for several Washingtonians, ” Ferguson said. “i am going to hold organizations accountable if they treat borrowers unfairly. ”

The lawsuit, filed today in King County Superior Court, accuses Navient, the nation’s biggest student-loan servicer, of lots of unjust and misleading methods. Those methods included improperly steering economically troubled pupils toward short-term forbearances, participating in aggressive and collection that is misleading and much more.

The lawsuit may potentially affect 1000s of Washingtonians, including anybody who received private figuratively speaking from Sallie Mae just before 2009 and whoever has their loan serviced by Navient and has now skilled the so-called conduct.

Today’s lawsuit could be the culmination of the multi-year research by Washington, Illinois and also the federal customer Financial Protection Bureau, involving depositions and interviews of Navient professionals together with post on large number of pages of business papers. The lawsuit is filed in conjuncti on with comparable suits by the Illinois Attorney General’s workplace while the CFPB. Continue reading

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