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Business ProfileforNavient
Current Alerts For This Business
BBB reports on known government actions involving business’ marketplace conduct.
1/2022:
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
The content below describes a multi-state settlement with Navient that concludes a lawsuit taken by multiple US states that charged Navient engaged in unfair and deceptive practices by steering student loan borrowers into forbearances and away from critical federal student loan relief programs
The terms of the settlement will include the following:
- $1.7 billion in private student loan cancellation for borrowers who attended certain for-profit institutions.
- Navient will pay $95 million in restitution payments to approximately 350,000 federal student loan borrowers who were placed in certain types of long-term forbearances. This will amount to approximately $260 per borrower.
- Navient will be required to improve communications with borrowers about federal student loan programs such as income-driven repayment and Public Service Loan Forgiveness, and to remove incentives for customer service representatives to end phone calls with borrowers prematurely.
States included in the settlement are: Pennsylvania, Washington, Illinois, Massachusetts, California, Arizona, Arkansas, Colorado, Connecticut, the District of Columbia, Delaware, Florida, Georgia, Hawaii, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia and Wisconsin.
As a result of the settlement, borrowers receiving private loan debt cancellation will receive a notice from Navient by July 2022, along with refunds of any payments made on the cancelled private loans after June 30, 2021. Private loan borrowers do not need to take any action to qualify for relief.
As part of the settlement, Navient did not admit to any misconduct, and, according to the terms, nothing in the settlement provisions “may be taken as or construed to be an admission or concession of any violation of law, rule, regulation, other matter of fact or law, or of any liability or wrongdoing. No part of [the settlement agreement] shall constitute evidence of any liability, fault, or wrongdoing” by Navient.
Additional business information
1/2017
BBB reports on known government actions involving business’ marketplace conduct.
The Consumer Financial Protection Bureau (CFPB) has filed a suit against Navient alleging violation of consumer Fair Debt Collection Practices, specifically around servicing and collection of student loans.
This matter is still pending.
In response to these charges, the business provided the following statement:
"These allegations are unfounded, as detailed at Navient.com/legalfacts. Navient’s goal is to help customers successfully manage their student loan repayment. We are defending against these false allegations and continue to help our customers achieve financial success."
At-a-glance
Customer Complaints
757 complaints closed in last 3 years
218 complaints closed in last 12 months
Customer Reviews are not used in the calculation of BBB Rating
Overview
Business Details
This is a multi-location business.
- Headquarters
- 123 S Justison St, Wilmington, DE 19801-5360
- BBB File Opened:
- 10/17/2014
- Years in Business:
- 51
- Business Started:
- 1/1/1973
- Date of New Ownership:
- 5/1/2014
- Business Incorporated:
- 5/1/2014
- Accredited Since:
- 9/15/2022
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
- Type of Entity:
- Corporation
- Alternate Business Name
- Navient Solutions LLC
- Business Management
- Ms. Tracey Keating, Manager
- Mr. Paul Hartwick, Vice President of Corporate Communication
- Ms. Patricia N. Christel, Chief of Staff
- Contact Information
Principal
- Ms. Tracey Keating, Manager
Customer Contact
- Ms. Tracey Keating, Manager
- Additional Contact Information
Fax Numbers
- (800) 848-1949Primary Fax
Phone Numbers
- (888) 545-4199Other Phone
- (302) 261-5532Other Phone
- (800) 848-1949
Customer Complaints
757 Customer Complaints
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File a ComplaintMost Recent Customer Complaint
05/06/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
Customer Reviews
85 Customer Reviews
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Most Recent Customer Review
Melissa N
07/12/2024
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