Here's A Tiny Ray Of Student Loan Justice (No, They're Not Canceling Everyone's Loans Just Yet)

Student loan company Navient, a source of nightmares and night sweats for many of us who are in student debt, agreed to settle the case this week. blocking the $ 1.7 billion debt of nearly 66,000 students who were told to take out secretive subprime loans the company knew they could not afford to pay, especially by going to unprofitable colleges. Nonsense loans were made by Navient Company CEO, Sallie Mae, between 2002 and 2014; Sallie Mae left her student loan business as Navient in 2014.

In addition, the company has reimbursed $ 95 million to another 350,000 lenders that customer service providers have recommended. only more expensive debt management plans, rather than cheaper alternatives such as repayment plans. The lawsuit alleges that Navient drones with call problems were encouraged to get to work faster, making lending a quick, easy way to fix it – though patience only halts the lender’s repayment as debt interest rates increase.


Unfortunately, the repayment portion only costs about $ 260 per lender, not enough to pay one month off debt to most people. The approximately monthly student loan payments are approximately $ 460, although it varies widely from lender to borrower.

The treaty eliminates a 39-year-old lawsuit against Navient and 39 state attorneys, and it applies to debtors in those countries as well as in Washington DC. People who were abducted in the same way in 11 states (Texas among themselves) did not plead guilty to obtaining bupkis, unfortunately. Another federal case against the federal Consumer Financial Protection Bureau against Navient over fraud continues.

Details of the decision, which must be approved by the U.S. Regional Court in the Middle District of Pennsylvania, can be found at NavientAGsettlement.com, a page set by the attorney general in the case. Upon approval, Navient will contact lenders whose loans have been forgiven, or who are eligible to repay $ 260. Qualified lender does not need to do anything, but to make sure he can be found, it is always best for anyone with a student loan to make sure your details are already done. Studentaid.gov.

Put your painful jokes here about how they can always find you if you are in debt, but they don’t seem to find you if you are relieved, amirite?

Ordinary student loans to people attending non-profit schools was icky in particular, as New York Times explains:

Many of those who took on debt that would be forgiven on their repayment went to profit-making schools – such as the now-defunct ITT Technical Institute – which often have low interest rates and unrealistic records. Confidential loans were – in his Navient statement, according to legal documents – a “twisted mouse” to repay a lot of government-sponsored loans.

In some schools, Navient expects more than 90 percent of the debt will fail. But what was lost on private loans exceeded the gains on state loans – government-guaranteed – that students in those schools took.

It was a clever deception – oh, yes, this is where we realize that Navient says the settlement does not admit guilt, as terrorists always do – following the Department of Education’s policy on student federal assistance, especially in disadvantaged schools. More than 90 percent of all school fees may come from federal funds, including programs such as GI Bill, Pell Grants, and federal student loans. According to the lawsuit, Sallie Mae cleverly filed a 10 percent difference in fees and personal loans, though she did not expect most of them to be repaid, because wow, look at all the federally subsidized loans all students will apply for.

It was like a Black Friday home sale, except that the customers ended up with thousands of dollars instead of cheap TV and stripes.

Again, Said Navient in his own words that it was completely done in the law, you think, and who we are to denigrate everything that happened, in an ideology that is protected by the First Amendment? Americans always love their student loan companies!

“The company’s approach to resolving these issues, which are based on trivial claims, helps us avoid the extra burdens, costs, time and distractions that can arise in court,” said Mark Helen, Navient’s attorney general.

Khosomo! Wesile! Khosomo!

Pennsylvania Attorney General Josh Shapiro responded differently, to say it

Navient repeatedly and deliberately puts profits ahead of lenders – they acted fraudulently and rudely, looked at students they knew would be difficult to repay loans and unfairly placed a burden on people trying to improve their lives through education.

The cancellation of private loans will be a great relief to lenders who had no hope of repaying, however Time The story goes that it does not mean that everyone in Navient can stay up all night complaining about loss:

[Most] on loans that Navient agrees to cancel and long-term loans that were previously in doubt for repayment. Navient valued the $ 1.7 billion deal they agreed to pardon $ 50 million – all of which they expect to repay, the company said Thursday in a statement.

There are also some amazing details, which just left us staring at the unbelieving window:

In particular, students who have been on their credit since June 30, 2021 – meaning they are still paying off their debts – will not have their loans canceled. Shapiro’s attorneys, Pennsylvania’s attorney general, did not immediately answer a question about why the loans were canceled.

It seems like nothing good came down to Georgia, looking for a life of theft, and getting a job at a credit card company, to make one of the words that Evan can’t fix.

[NPR / NYT / NavientAGsettlement.com / Photo: Bryan Alexander, Creative Commons License 2.0]

Yr Wonkette is paid in full by the contributions of the readers. If you can, please pay $ 5 or $ 10 a month so we can pay our bills until we die and then Navient will follow us to Hell so we can pay our bills too.

Run your Amazon business through this link, for reasons.

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