Navient is one of the largest servicers of federal student loans in the country. An offshoot of Sallie Mae, it is estimated that Navient services $300 billion of government and private student loans. So, it’s a big deal for borrowers all over the country if something happens to the company. That’s why a new lawsuit from California is making big waves, but will that lawsuit affect your student loan? How a Lawsuit Against Navient Could Affect How Your Student Loans Work Xavier Becerra, the Attorney General of California, has announced a lawsuit against Navient for unlawful business practices. These practices are being blamed for over payments and several permanent disability discharges that were not completed. For now, the state’s accusations are focused solely on federal student loans backed by the federal government, but it’s not alone. Illinois, Pennsylvania and Washington have also sued Navient for the same reasons. Plus, the…
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Do you believe this? The U.S. Department of Education reported that 101 individuals owe at least $1 million dollars in student loans. Due to rising tuition costs and easy access to credit, the amount of people that have accrued at least $100,000 in student debt has increased. Pursuing higher education has become a financially daunting task, especially if you want a graduate degree. Some graduate programs charge tens of thousands per year in tuition. In parts of the country with high costs of living, graduate students are borrowing hundreds of thousands of dollars to make ends meet. A recent article in The Wall Street Journal discussed how a former graduate student accrued more than $601,506 in student loans for dental school at the University of Southern California. The former student’s debt is roughly the price of three Lamborghini sports cars. Due to interest and fees, his balance grew to more…
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More than 44 million Americans owe $1.44 trillion in student loan debt. For many of these borrowers, they pay several hundred or even thousand dollars per month. Student loans can make it difficult to afford a mortgage, start a business or pay down other debts. However, borrowers with federal student loans may have several options to forgive or discharge their remaining balances. The Department of Education has several options for student loan forgiveness. If you are struggling to pay back your student loans, or if you want to explore options for loan forgiveness, then we encourage you to continue reading. How Does Public Service Loan Forgiveness Work? In 2007, the Public Service Loan Forgiveness (PSLF) program was passed by Congress and signed into law by President George W. Bush as a way to entice graduates with federal student loan debt to enter jobs in the nonprofit and public sectors. The…
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