“Navient, the largest servicer of student loans in the country, handles loans for around 12 million people. A lawsuit filed on Wednesday by the Consumer Financial Protection Bureau and two state attorneys general claims borrowers were wrongly steered in order to drive up debts.”
IF parents or HS students need more reasons NOT to take out big loans to pay for college beyond what they can EASILY repay , here it is!
“The lawsuits describe routine mistakes and lapses in oversight that over time added up to systematic failures, eerily similar to the mortgage servicing industry’s bungling of borrower accounts and property foreclosures during the 2008 recession. Financial companies eventually paid more than $100 billion to settle mortgage-related lawsuits.”
This could turn out to be a replay of the all the lawsuits filed and successfully brought against the the big banks because of the 2008 financial crisis.
And it is all for the same reasons- $$$$$. The financial servicing companies have been greedily trying to squeeze all they can out of unsuspecting college students.
Trump U has lots of company apparently…