CFPB Bans Navient from Federal Student Loan Servicing and Orders $120 M for Student Lending Failures

[Music] what I wish I knew about student loans instead of buying that 10th cup of coffee sud is about to get real the Consumer Financial Protection Bureau just dropped the mic on naviant they've been banned from servicing federal student loans and slapped with a $120 million fine I why because they allegedly steered struggling borrowers into expensive forbearance options instead of affordable repayment plans classic villain move right so what's next naviant has to pay $20 million in penalties and another $100 million in redress to borrowers it's like getting caught cheating in Monopoly and having to pay everyone's rent but here's the kicker this could be just the beginning of more crackdowns in the student loan world if you've had any drama with your loan servicer speak up file those complaints and let's hold these companies accountable don't forget to like share and follow for more current news topics let's stay in the know together