2017-01-18

Cool hedgehogs don't look at explosions

One hedgehog. On a mission. It's quill or be quilled in...

HEDGE

Coming 2018

Directed by Michael Bay

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Who Wore it Better?

Who Wore it Better?

Does anyone else notice the New Jersey version of Jonah Hill behind the old man?

My professor asked us to buy a $950 textbook to use for the first 6 weeks of class

My professor asked us to buy a $950 textbook to use for the first 6 weeks of class

Pirate the fuck out of that. What a fucking joke/scam... to expect broke ass students to drop one grand on a book to use for less than 50 days is criminal.

Suck. A. Dick.

Heads up: The federal government just filed suit against Navient, claiming they scammed millions of borrowers between 2010-2015 to the tune of $4 billion. This is huge.

Heads up: The federal government just filed suit against Navient, claiming they scammed millions of borrowers between 2010-2015 to the tune of $4 billion. This is huge.

The suit was filed January 18th 2017, by the Consumer Finance Protection Bureau (CFPB) against Navient.

First, know that the CFPB has requested that the Court order Navient to comply with the following actions, among others:

Restitution to consumers harmed by Navient's conduct;

Disgorgement of all ill-gotten revenue

Here are the details of the allegations:

From consumer affairs .com:

Specifically, the suit charges that Navient:

Fails to correctly apply or allocate borrower payments to their accounts;

Steers struggling borrowers toward paying more than they have to on loans;

Obscured information consumers needed to maintain their lower payments;

Deceived private student loan borrowers about requirements to release their co-signer from the loan; and

Harmed the credit of disabled borrowers, including severely injured veterans.

From the LA Times:

In its lawsuit, the consumer agency alleged many other borrowers had problems enrolling in programs to reduce payments and Navient instead steered struggling borrowers into plans that made more money for Navient but saddled borrowers with higher costs.

Specifically, the government alleged that Navient maintained compensation policies that encouraged customer service representatives to push borrowers into forbearance, which allows borrowers to suspend payments without defaulting but does not stop interest from accruing.

However, most federal student-loan borrowers earned the right in 2009 to enroll in the less costly payment options that are based on their income.

Although those plans save borrowers money, forbearance was more lucrative for Navient, the agency alleged because the company could enroll borrowers in forbearance in less time and with less staff.

In all, the servicer slapped borrowers with additional interest charges of up to $4 billion by enrolling them in repeated forbearance plans from January 2010 to March 2015, according to the consumer agency.

If you want to learn more about this, I highly encourage you to read the original complaint filed with the court by the CFPB. It is VERY readable (not filled with legalese) and reads as an absolutely scathing indictment of a company whose business practices targeted its most vulnerable customers in flagrant violation of the law.

You can find the original complaint on the consumer finance .gov website. They also summarized the complaint on their website.

In the spirit of this sub, I'm sharing this information because there are plenty of people here who may have been a victim of these alleged practices. Including myself, as I've been paying down my Navient loans since 2012 and have several years to go.

I'm going to read through the complaint again, and if anything important jumps out at me that I haven't mentioned, I'll update this post.

Edit: Additional allegations:

(since July 2011) Disregard of borrower instructions when processing payments submitted by check with written instructions from the borrower specifying how the payment should be applied.

(Jan 2010-March 2015) Using uncharacteristically vague email titles like “New Document Ready to View” to notify borrowers that they needed to renew their income-based repayment enrollment. During this time, the number of borrowers who did not timely renew their enrollment regularly exceeded 60% of borrowers and resulting, often, in capitalization of interest.

Edit: There is no way to know how potentially impacted borrowers will be affected by the lawsuit. We will have to wait and see. Lawsuits of this magnitude often take a LONG time to get resolved.

(edit: formatting, fixed a link)

They have been pulling shit like this for years, and I am glad it finally caught up to them.

Several years ago my wife had 40k in student loans with Navient. One loan and was 16k and the other 24. I got a seperation check from the navy and sent a 16k payment over the phone instructing them to pay off the one loan, which they assured me they could do. I was very specific that if it did not pay off the loan I did not want to make that large of a payment.

After they had taken the money they decided to distribute the payment across both loans. I called them and they claimed that they did not need to put the money where I specified as they way they disbursed it saved me money.

After 2 weeks of calling my bank and Navient multiple times a day I called Navient and told them if they didn't apply the payment on the way I specified I would file a complaint with the CFPB.

All the sudden they were more than willing to fix my issue and apply my payment to the loan the way I had asked.

TLDR: Fuck Navient and their bullshit.

Try one of these subthreads