The Navient class action: A timeline of key documents

The following is a timeline of events and related documents that pertain to the national class-action lawsuit Evan Brian Crocker et al v. Navient Solutions, LLC and Navient Credit Finance Corporation.

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Navient buys $6.9 billion of student loans from JP Morgan Chase & Co

The sale includes about $3.7 billion in federal student loans and about $3.2 billion in private student loans, according to a Navient press release. $1.6 billion of the federal student loans are securitized.

Illinois sues Navient for peddling "subprime" loans "designed to fail"

“Navient’s actions have led to student borrowers needlessly carrying billions of dollars in debt and the company must be held accountable," said Illinois Attorney General Lisa Madigan, in a press statement.

Washington State sues Navient for "deceptive practices...predatory loans"

"Navient made subprime loans as part of 'preferred lending' programs with schools in order to gain access to highly profitable federally-guaranteed loan volume and 'prime' private student loan borrowers," said Washington Attorney General Bob Ferguson, in a press release.

Sallie Mae announces it will privatize

Sallie Mae, a government-created, government-backed entity that dominates the student loan market, announces that it will privatize within 14 years. Its privatization is complete by 2004.

DoE: Navient subsidiary misleading borrowers re fees, payment options

US Dept of Education terminates the contract of Pioneer, a Navient subsidiary, for "giving inaccurate information at unacceptably high rates" about its loan rehabilitation program and about "the waiver of certain collection fees."

CFPB: Navient threatening borrowers with liens, default when co-signers die

"We continue to receive reports from borrowers discovering that they are in default, when their co-signer, often a parent or grandparent, dies," reports the Consumer Finance Protection Agency. "Consumers describe their confusion when they receive notices to pay in full since they believed their loan to be in good standing and current. Consumers also submitted complaints describing how debt collectors threaten to place liens on property or other assets if the decedent’s family members or estate administrators do not immediately pay the loan in full. But, private student loan borrowers have submitted complaints describing debt collectors’ attempts to collect from a co-signer’s estate even after the estate has been closed and settled."

Consumer groups call on FCC to stop Navient from "harassing" borrowers

Navient has phoned many borrowers "hundreds, and—in some cases—thousands of times...Calls are being made to the borrower’s relatives, neighbors, and even complete strangers—all of whom never provided consent," states a letter from the National Consumer Law Center, Public Citizen, the Consumer Federation of America, Higher Ed Not Debt, Public Knowledge, and The Center for Responsible Learning to the Federal Communications Commission. In their letter, the groups claim that Navient has made "a deliberate decision to flout the TCPA" (Telephone Consumer Protection Act), and call for the FCC to enforce the law.

Navient ordered to pay DoE $22.3 million—six years later still hasn't paid

The student lender "illegally overcharged the federal government for subsidies on government-guaranteed federal student loans," writes US Senator Elizabeth Warren in her letter, citing a 2009 report by the Office of the Inspector General of the Department of Education. "But these funds have still not been repaid."

Fed agency sues Navient, says it "used deception to...cheat borrowers"

Navient "systematically and illegally failed borrowers at every stage of repayment" and "illegally steer[ed] vulnerable borrowers toward options that may cost more," according to a statement by the Consumer Financial Protection Bureau. The CFPB suit also alleges that Navient harmed thousands of borrowers who were “totally and permanently disabled”—including veterans disabled during military service—“by making it appear as if those borrowers had defaulted on their student loans when they had not.”

Navient agrees to suspend collection calls in national class-action suit

In proceedings in Crocker et al. v. Navient, the company agrees to stop calling borrowers with certain student loans who filed for bankruptcy after October 2005. Instead, the company agrees simply to send these borrowers monthly statements.

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