What The Navient Lawsuit Means for Student Loan Borrowers

The government or more specifically the Consumer Financial Protection Bureau (CFPB)  filed a lawsuit against Navient, the nation’s largest student loan service provider last week. Navient is the twin sister to the head of the student loan mafia, Sallie Mae, Inc. that services the loans of more than 12 million borrowers, including my own.  As a loan service provider, they manage borrowers’ accounts, process monthly payments, and communicate directly with borrowers.  The suit was filed on January 18th  with another following just days before the transition of presidential power.navient-lawsuit

According to the CFPB Director, Richard Cordray, “Navient chose to shortcut and deceive consumers to save on operating costs. Too many borrowers paid more for their loans because Navient illegally cheated them and today’s action seeks to hold them accountable.” Some of the most pressing allegations include failing to correctly apply or allocate borrower payments to their accounts, steering struggling borrowers toward paying more than they have to on loans, obscured information consumers needed to maintain their lower payments and deceived private student loan borrowers about requirements to release their co-signer from the loan.  

What That Means for You?

If this lawsuit is successful, consumers affected by Navient’s alleged misdoings may receive some monetary restitution.  Don’t get too excited yet.  This is not a class-action suit that you can sign up for.  According to ClassAction.org, “Attorneys usually find out those who were affected by looking at the defendant’s records in a phase of the litigation known as the discovery phase. People who could be covered by the suit are usually sent a notice or check in the mail. The agency that filed the lawsuit will also have information on their website about the suit and who can claim money in the event of a settlement”.

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SMC April Book Club: Year of Yes!!!

Coins of KnowledgeMy favorite season is upon us- SPRING! This is a time for a rebirth of goals, visions, and overall positive changes. That being said, it’s time for yet another book selection for the upcoming month of April to get us motivated and inspired. The April book selection, written by the mega-talented creator of my Thursday night lineup, Shonda Rhimes, was actually a recommendation from shemakescents readers like you. That’s right, we are reading Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own Person. I have heard nothing but good things about this book and since I already ride the crazy Shondaland roller coaster every week, I figured why not dive deeper into the woman behind some of my favorite characters.

20160326_123331-1 copy

Starting April 1, 2016, we will start Year of Yes to see how saying “YES” changed Rhimes’ life. I am a firm personal advocate of the “It’s okay to say no” because I witness all too often how saying “yes” can allow other’s access to take advantage of you or a situation. However, I fear that by saying NO sometimes that I am blocking my own blessings from coming through. It has been said that her year of yes saved her life and that it will inspire readers to change their lives with one little word…YES. Join #shemakescent as we “dance it out, stand in the sun, and become our own person” with our April book selection.  Shoot a picture of you with the book on Instagram| @shemakescents and on Twitter @shemakescents using hashtag #shemakescents for a repost.

Grab your very own copy (ebook/traditional style)  of Year of Yes: How to Dance It Out, Stand In the Sun and Be Your Own Person here.

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