News Release

STATEMENT OF CHRIS LINDSTROM ON THE CFPB'S LAWSUIT AGAINST NAVIENT, FORMERLY PART OF SALLIE MAE

FOR IMMEDIATE RELEASE

WASHINGTON, DC --   In response to the Consumer Financial Protection Bureau's announcement today that it is suing Navient, the student loan servicer formerly part of Sallie Mae, for obstructing borrowers' abilities to access loan forgiveness programs, the U.S. PIRG Higher Education Program Director Christine Lindstrom said:

"The 12 million borrowers holding more than $300 billion in student loans with Navient need fairness and debt relief, and the CFPB's lawsuit will ensure their case is made.  This loan servicer is yet another powerful financial firm that must be held accountable for lending and collection practices that drive up student debts."

"For Americans shouldering over $1 trillion in student loan debt, today's announcement demonstrates that, absent strong leadership of the agency, borrowers would continue to be subjected to illegal practices by Navient that makes paying back student loans more difficult and costly for borrowers."

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