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Even if you can’t change servicers, there are a number of things you can do to voice your concerns and protect yourself as a borrower: File complaints, check your credit report for errors, learn about your repayment options, and watch out for companies that charge fees for student loan help.You can file complaints to one or more of the following entities: The CFPB alleges that Navient ignores borrowers’ complaints.The lawsuits could potentially take years to play out “because of the sheer amount of evidence” that the CFPB, Illinois and Washington have gathered during their investigations, Martindale says.
Pennsylvania’s attorney general was the latest to file a suit, which came in early October. Among other things, the CFPB alleges that since at least January 2010, Navient misallocated payments, steered struggling borrowers toward multiple forbearances instead of income-driven repayment plans, and provided unclear information about how to re-enroll in income-driven repayment plans and how to qualify for a co-signer release.In addition to Navient, other major federal loan servicers include Fed Loan Servicing, Great Lakes Higher Education Corporation & Affiliates and Nelnet.Navient services more than 0 billion in federal and private student loans for more than 12 million borrowers, or over a fourth of the U. It’s important to know whether you have federal or private student loans, or both, Martindale points out, because different types of loans have different borrower protections.The company has also rejected the allegations in the other three cases, filing motions to dismiss them. District Court judge denied Navient’s motion to dismiss the CFPB’s case.
In a March 2017 fact sheet, it said the CFPB, Illinois and Washington suits are based on new servicing standards that are being applied retroactively. The case is now moving toward the discovery process of gathering evidence, which could lead to further motions, a trial or a settlement, says Suzanne Martindale, a staff attorney at Consumers Union, the policy and action arm of Consumer Reports.
For instance, you’re eligible for income-driven repayment plans and potentially federal loan forgiveness programs if you have federal loans.