Loathe Student Loans

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I loathe my student loan debt, but then again, no one likes their student loan debt! Some news broke this week that added a bit more understanding to some of the heartache I’ve experienced with my student loan provider. A major student loan company, Navient, is being sued by the Consumer Financial Protection Bureau. I am particularly interested in this (ok part of me is really excited to see them get theirs!) because Navient happens to be the only company I owe any debt to. Navient is formally Sallie Mae and is the student loan servicer for the Department of Education. So we actually owe the Department of Education but Navient is the manager, if you will, of those loans.

To say I was not surprised by this news is an understatement. I …show more content…
This part irritates me more than my personal issues with Navient. We all know that student loan payments show up on our credit reports just like any other debt. Veterans whose disability is due to their service in the military have the right to request student loan forgiveness. This is part of the Total and Permanent Disability program and I agree with if full heartedly! Navient failed to correctly report to the credit agencies the relief of these student loans which in turn caused harm to the Veterans credit reports. Are you kidding me?! You had one job, Navient!!!

Needless to say, I am VERY interested to see how this pans out. The CFPB seeks to obtain significant relief for folks this impacted. Realistically, this will take years but hopefully this is a step in the right direction in keeping these loan servicing companies honest. Yes, we owe the money and should absolutely pay it back in full but the company we’re working with doesn’t have the right to deceive, take advantage or negligently harm those they’re working with.

The barrower really is slave to the lender (Proverbs 22:7 (NIV). If you’re in student loan debt, RUN!!!! RUN FOR YOUR LIFE!!! If you are a consumer having issues with a student loan company check out the CFPB’s website to file a complaint – http://www.consumerfinance.gov/complaint/#student-loan.

I’m sure there will be more to come on this topic but until next time, spend

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