Target: Rohit Chopra, Director of Consumer Financial Protection Bureau
Goal: Support settlement that compensates deceived student loan borrowers and punishes financially crippling practices.
This ForceChange petition is one of many that brought attention to the consequences of student debt. One of the largest student loan issuers in the country long faced allegations that it deceived and engaged in predatory practices against loan borrowers, resulting in soaring student debt. Now, many of the individuals victimized by this company will receive their due.
Both federal and state authorities have investigated allegations that Navient leaders were not transparent about lower-cost payment options or loan forgiveness. Instead, the company reportedly pressured many borrowers into pausing their loans while interest – and overall costs – accrued. Navient settled with several state attorneys general as well as the Consumer Financial Protection Bureau. As a result, it is no longer part of the federal student loan system, nor can it pick up and oversee private loans. This measure protected future potential victims. And the settlement will finally compensate hundreds of thousands of borrowers who were misled by Navient, to the tune of a collective 120 million dollars.
Sign the petition below to celebrate this win for affordable higher education.
PETITION LETTER:
Dear Director Chopra,
“We are closing the book on Navient, one of the worst offenders in the student-loan servicing industry.” For years, this company of which you spoke heaped crushing student debt on struggling borrowers, destroyed these borrowers’ credit, and padded bills through apparently deceptive practices. Such bad actors dissuade Americans from attaining higher education and bettering their lives.
Thank you for ensuring that this organization cannot prey upon more borrowers and for providing affected individuals a pathway to restitution.
Sincerely,
[Your Name Here]
Photo Credit: Gul Isik
16 Signatures