large student loan servicer banned from service ordered to pay a $120 million settlement naviant once the largest student loan servicer in the United States has been permanently barred from federal student loan servicing and ordered to pay a $120 million settlement following years of alleged Regulatory and legal violations Please Subscribe News Times channel for more update the Consumer Financial Protection Bureau cfpb announced the proposed order against the serer formerly known as Sally May on September 12 in 2017 the company at one point serviced loans of more than 12 million borrowers half of which were accounts under its contract with the Department of Education accounting for more than $300 billion in federal and private student loans the cfpb estimates that hundreds of thousands of consumers may be eligible for redress in the settlement