Navient: Stop Swindling Student Loan Borrowers

Target: Jack F. Remond, President and CEO of the Navient Corporation

Goal: Stop steering borrowers to payment options that will destroy their personal finances.

“Forbear them, forbear them, make them relinquish the ball…”  This boastful phrase was the alleged battle cry of student loan service Navient. The singular mission reportedly implemented by the organization serving 12 million-plus student borrowers added billions of dollars of collective debt to already overburdened customers. Now, this influential giant faces legal action, but they can and should amend abusive practices of their own accord.

Forbearance occurs when a loan company such as Navient encourages a delay or planned temporary reduction of payments. Marketed as a fix for borrowers in a financial bind, the practice does anything but relieve crushing financial burdens. As interest accumulates, so do the size and longevity of payments. The hole gets deeper, and many customers are eventually forced into even worse circumstances like foreclosure or bankruptcy.

Navient executives at the highest level stand accused of manipulating their customers into this practice over more financially viable options…all for the sake of lining their own pockets. A court document relating to an impending lawsuit against the company summed the troubling circumstances best: “at every stage of repayment, Navient chose to shortcut and deceive consumers to save on operating costs. Too many borrowers paid more for their loans because Navient illegally cheated.”

Sign this petition to demand this beneficiary of taxpayer dollars end the robbery of taxpayers and the corruption from within its ranks.

PETITION LETTER:

Dear Mr. Remond,

“A decade-long pattern of Navient ripping off servicemembers, disabled veterans, teachers, and American taxpayers”: this unfortunate turn of phrase is how one legal analyst characterized the allegations brought against Navient for its questionable forbearance practices. Internal memos seemingly validate the claims that this organization engaged in a comprehensive scheme to swindle and further burden millions of students. What will be your response?

Will you deny, deny, deny? Or will you take responsibility and clean up your ranks and your practices? Navient is a vital fixture in enabling countless individuals to obtain a higher education. Your customers depend on you and trust you, as confirmed by the fact that over 70 percent of your borrowers reportedly choose forbearance when presented with the option. Do not take advantage of their good faith, and do not drive the people who sustain your business into desperate debt.

Make the right choice and start working for your customers. Show them that the education they worked so hard to attain will be their salvation, not their ruin.

Sincerely,

[Your Name Here]

Photo Credit: Blue Diamond Gallery




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