Navient says it’ll “enhance” its call centre practices to raised serve federal student loan borrowers who are potentially eligible for relief under the general public Service Loan Forgiveness program by identifying them and providing them with information.
These new measures are a part of a June 2020 settlement with the American Federation of Teachers. The union alleged Navient’s practices led public service workers to be denied loan forgiveness or miss out on the simplest possible payment plan.
The settlement also includes a contribution of $1.75 million to a to-be-named nonprofit organization which will provide education and student loan counseling to public service workers, consistent with a June 19, 2020 news release.
Under the new agreement, Navient will train its customer service representatives to acknowledge words and phrases that indicate a borrower could be eligible for PSLF or another loan repayment plan.
“The agreement may be a good illustration of how borrowers and servicers can work together for the advantage of both parties,” said Randi Weingarten, president of the American Federation of Teachers, within the release. “It acknowledges that PSLF may be a vital program for several graduates who forgo larger salaries within the corporate sector to serve the general public instead.”
Navient is predicted to self-report on its compliance with these new practices, but it’s not clear to whom.
If you happen to have a large amount of student loan, then you might be highly interested in reducing your monthly loan payments or getting out of debt as fast as possible. Having a student loan down your throat can be a cause of constant stress and anxiety while stopping your financial growth. If the company Navient has serviced your loans, you are probably aware of Navient lawsuit by now and that those loans can be forgiven under certain circumstances. However, achieving Navient loan forgiveness might be a challenging process for students and is more problematic than it may sound. It is vital to comprehend how you and your debt fit in. As of May 2018, there are four Navient lawsuits each of them blaming the company of hurting student loan borrowers during the process of repayment and demanding Navient loan forgiveness.
Navient lawsuit was started in August 2015 when The Consumer Financial Protection Bureau or CFPB discovered a piece of hard evidence illustrating how the company is violating consumer protection laws. The Navient lawsuit can take a lot of time to conclude, and a lot of student loan borrowers are rightly concerned about the future outcome of the Navient lawsuit process.
The good news is, Navient’s request to dismiss the lawsuits which are pointed against them was denied. The Navient Corporation was claiming that States cannot control their business operations hoping to reject Navient lawsuit. What does that mean then? Well, it boosts the probability that Navient will eventually be forced to provide immense payouts to its harmed borrowers so you can get loan forgiveness. This indicates and makes clear that student loan servicers aren’t immune to the laws of the state and must be held accountable for their wrongdoings.
This is an outstanding piece of news which means we are going on the right path to receiving loan forgiveness. However, there is a small problem. The Education Department doesn’t accept Borrower’s Defense to Repayment Discharge applications which are against Student Loan Servicing Companies. It means the optimal way to get Navient loan forgiveness by pursuing a case against them is no longer an option. What you can do is to apply one against your school.