Navient Chase Student Loans – Written by Hanneh Bareham Written by Hanneh BarehamArrow Right Student Loan Reporter Hanneh Bareham specializes in all things student loans and can help you finance your next education venture. Her goal is to help others achieve their academic and financial goals by making student loans easier to understand. Connect with Hanneh Bareham on Twitter Twitter Connect with Hanneh Bareham on LinkedIn Linkedin Connect with Hanneh Bareham via Email Email to Hanneh Bareham
Edited by Chelsea Wing Edited by Chelsea WingArrow Right Student Loan Editor Chelsea has been with us since early 2020. She is dedicated to helping students navigate the high costs of college and breaking down the complexities of student loans. Connect with Chelsea Wing on LinkedIn Linkedin Chelsea Wing
Navient Chase Student Loans
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Navient is one of the largest student loan servicers in the country, with millions of borrowers using it to repay their government and private student loans. However, a few court cases over the years have alleged harmful and deceptive practices that can affect your student loans.
The servicer just reached settlement for several of those lawsuits that will settle more than $1 billion in student loans, but more relief could become available in the future.
Since 2017, Navient has seen its fair share of lawsuits. Find out which lawsuits have been settled and which are still ongoing.
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Several states have filed lawsuits against Navient over the years, citing unfair lending practices, fraud and mismanagement of credit products. Attorneys general of those states alleged that Navient, among other things, steered borrowers into unnecessary leniency over cheaper alternatives, knowingly approving loans to borrowers who were unlikely to be able to repay them, and telling borrowers they owed more than they actually did.
On January 13, 2022, Navient scored with 38 states and Washington, D.C. a $1.85 billion settlement agreement to resolve outstanding litigation with those states. Under the terms of the settlement, Navient must forgive nearly $1.7 billion in private student loans to nearly 66,000 borrowers, mostly those who took out subprime loans to attend for-profit schools. Navient will also make $260 in individual reimbursement payments to approximately 350,000 federal borrowers who are subject to long-term deferrals.
Eligible private borrowers will receive notification from Navient in July 2022, and federal borrowers should expect a postcard in the mail from the settlement manager in spring 2020.
On January 17, 2017, the Consumer Financial Protection Bureau filed a lawsuit against Navient alleging that the servicer harmed borrowers by providing poor and sometimes incorrect information, failing to process payments correctly, and failing to take adequate steps to address to rectify situations when borrowers raised these complaints.
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The CFPB also alleges that Navient did not allow certain borrowers to repay their loans when they qualified. “Severely and permanently disabled borrowers on federal student loans, including veterans whose disability is related to their military service, are eligible to apply for loan forgiveness under the state’s Total and Permanent Disability program,” the CFPB says. “Navient has falsely reported to the credit bureaus that borrowers whose loans have been repaid under this program have defaulted on their loans when they have not.”
Navient filed a motion to dismiss the lawsuit in 2020, but the appeal failed. At the beginning of 2022, the CFPB process is still ongoing.
Thousands of borrowers will see their student loans impacted in one way or another as a result of the recent Navient settlement, whether it’s loan forgiveness, repayments, or better customer service. Borrowers do not need to do anything to receive a refund or forgiveness other than verify and update their home address.
According to Navient, the latest settlement will primarily affect borrowers who took out loans for for-profit schools from 2002 to 2010 and defaulted on those loans. But there’s still the ongoing CFPB lawsuit, which if settled could affect even more borrowers.
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Borrower. In early 2022, the company transferred its government student loan portfolio to Aidvantage, a services division of Maximus. The company now only offers private student loans and private FFELP loans.
You can check your service provider with the Department of Education if you have federal loans. The best way to see who is servicing your personal loans is to review your recent correspondence regarding your student loans. You can also find the names of all officers on your credit reports, which you can access for free at AnnualCreditReport.com. This way, you can see all your debts, including those that are past due, delinquent, or settled.
If you think your lender is using fraudulent or deceptive practices, here are some steps you can take to protect yourself and your money.
Hanneh Bareham specializes in student loans and can help you finance your next educational endeavor. Her goal is to help others achieve their academic and financial goals by making student loans easier to understand.
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Edited by Chelsea Wing Edited by Chelsea WingArrow Right Student Loan Editor Chelsea has been with us since early 2020. She is dedicated to helping students navigate the high costs of college and breaking down the complexities of student loans. Connect with Chelsea Wing on LinkedIn LinkedIn Chelsea Wing Student Loan Editor
Navient borrowers will receive more than $1 billion in student loan forgiveness and other breaking student loan news for the week of January 17, 2022
Chase Bank offered both government and private student loans for less than a decade. They acted as service providers for government-issued loans and offered competitive rates on private student loans. But in 2010, Congress allowed the government to issue student loans directly instead of using middlemen like Chase.
In 2012, they restricted Chase student loans to current customers only. In 2013, they stopped offering student loans to anyone. In 2017, they shut down their student loans department entirely.
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If you had a Chase student loan, you’re probably looking for answers about what happened to it.
Many borrowers still have loans that originated before 2013. If you had a loan with Chase,
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