AP: audit supports allegations of Navient’s unlawful student loan practices News
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AP: audit supports allegations of Navient’s unlawful student loan practices

A 2017 audit made public by the Associated Press on Tuesday concluded that Navient Corp., the third- largest student loan servicing company, may have persuaded thousands of borrowers into higher-cost repayment plans in order to increase its profits.

In October 2017 Pennsylvania Attorney General Josh Shaprio filed a lawsuit against Navient Corp. over unlawful student loan origination and servicing practices, which, according to the lawsuit, violated Pennsylvania’s Unfair Trade Practices and Consumer Protect Law and the Consumer Financial Protection Law. In January 2017 the Consumer Financial Protection Bureau filed a lawsuit against Navient Corp. alleging it “failed borrowers at every stage of repayment” by, among other harms, convincing many students to take out larger loans than necessary, concealing information about payment renewal, which led to fines and interest accruing, and damaging the credit reports of students with disabilities, including veterans.

The report, which up until now has not been available to plaintiffs, appears to corroborate their allegations.

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