Student Loan Loansharks Get Nailed: Feds Nail Sallie Mae For Overcharging Troops And Borrowers (Video And Pictures)
VIA Via Education News
Sallie Mae and its former loan servicing unit have struck a deal with federal authorities to resolve allegations that the nation’s largest student loan company cheated active duty troops, as well as other borrowers who were being charged late fees.
The two companies more than doubled to $173 million the amount they have set aside to cover settlements resolving allegations brought by the Federal Deposit Insurance Corp. and the Department of Justice.
The increase in the expected cost — which could grow by the time the expected settlements are finalized — comes as the Department of Education faces pressure from Senate Democrats and student advocates to suspend or terminate its loan servicing contract with Sallie Mae’s former loan servicing unit, now known as Navient, for its alleged lawbreaking. Meanwhile, Sallie Mae’s bank is contending with the possibility that federal bank regulators may require it to suspend its dealings with Navient. MOREHERE
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