January 18, 2017

Illinois filed a lawsuit against Navient Corporation, its subsidiaries Navient Solutions Inc., Pioneer Credit Recovery Inc. and General Revenue Corporation and Sallie Mae Bank, over widespread abuses across all aspects of its business, including student lending, student loan servicing and student loan debt collection. Madigan’s complaint alleges that Navient’s practices harmed borrowers and put the company’s profits before the interests of millions of student borrowers across the country. For decades, Navient and Sallie Mae have been involved in the business of student lending – from the origination of loans, to the servicing of those loans for repayment, and the collection of loans that enter into default. In this time, Madigan alleged that Navient grew its student loan company into one of the country’s largest by engaging in practices that repeatedly harmed borrowers. IL

Tagged in: Education Fraud, Financial Institution Fraud,