The Consumer Financial Protection Bureau is suing Navient, the nation’s largest servicer of federal and private student loans, for 10 counts of unfair, deceptive or abusive acts or practices (UDAAP) and one count of violating the Fair Credit Reporting Act. Attorneys general from Illinois and Washington also are suing Navient over their lending practices.
The bureau’s lawsuit claims Navient’s actions may have cost consumers up to $4 billion in interest they likely would not have incurred had they been offered lower-cost options with which they were entitled. Read on to find out more details about the lawsuits.