Navient, formerly known as Sallie Mae, is being sued for allegedly misleading borrowers and engaging in “unlawful acts and practices.”
The nation’s largest servicer of student loans serves 12 million people, equating to 1 in every 4 Americans who owe the company a portion of their income.
Navient is accused of things like misreporting information, deterring borrowers from access to affordable repayment plans, and burying vital information in small print.
The lawsuit was announced through a press release by The Consumer Financial Protection Bureau (CFPB), which was created under the Obama administration. The suit states the bureau is seeking financial relief for millions of borrowers.
when you read sallie Mae is gettin sued and realize you might be gettin some of that student loan money back pic.twitter.com/1iHKcJCgU2— jake (@jizzyjake13) January 19, 2017
College students have been waiting to get revenge on Sallie Mae for years! I hope they win every penny https://t.co/gp32oAnK1n— Mike ⚡️ (@visionary_mike) January 19, 2017
“The timing of this lawsuit — midnight action filed on the eve of a new administration — reflects their political motivations,” Navient said in a statement.
It’s been reported that Navient was one of a number of companies whose stock shot up steeply following the election of President-elect Donald Trump.
Despite the Pennsylvania lawsuit being filed this week, people are already hilariously reacting to the chance they’ll receive financial reparations or have their debt wiped clean.