Navient Lawsuit Challenges Treatment of Loan Pre-Payment
Audet & Partners, LLP is investigating Navient lawsuit claims by borrowers of student loans serviced by Navient that Navient wrongfully applied loan prepayments in a way calculated to avoid the reduction of loan principal. By applying prepayments in such a way, borrowers end up paying for more during the life of their student loans than they would have had the prepayments been property applied.
Navient is the largest student loan servicer in the United States, having succeeded SLM Corporation (Sallie Mae) in a corporate reorganization around 2014.
It has been alleged, for example, that instead of applying prepayments to outstanding loan principal balance, Navient applied these payments to future interest and and purported fees in an effort to frustrate the reduction of principal balance. Interest payments collected by Navient are based on the outstanding principal balance of each loan.
If you now have, or have had, a student loan being serviced by Navient, and made loan prepayments above the requested monthly amount, you are urged to contact a consumer fraud attorney at Audet & Partners, LLP for a free, confidential case evaluation. You can reach us either by completing and submitting the inquiry form on the right side of this page, or by giving us a call at (800) 965-1461.