so people that was actually paying their student loans they probably paid more than they should have it was it's slowly growing in interest that's slowly brings down your credit score has a negative [Music] impact Consumer Financial Protection Bureau has officially banned naviant student loans this is naviant student loans guys people have student loans with naviant so if you or someone you know has had student loans with navient there's a chance that they will not only be a part of what's going on but they may be able to get them removed from their credit reports okay let's dive much deeper into this because they are officially banned from federal student laan service and okay let's go ahead and show you all the news article um that is going on right now everybody so this is some major news coming out uh you're probably seeing it everywhere from CNBC so on and so forth okay so Navien reaches a $120 million settlement with the Consumer Financial Protection Bureau for misleading student loan borrowers okay this literally is just happened today as you guys can see here Thursday September 12 2024 so let's go ahead and break down what does this mean and what are some key points okay so number one is navent has reached a $120 million selement with the Consumer Financial Protection Bureau over is practices with student loan borrowers the company Tales uh CNBC the Consumer Financial Protection Bureau sued Navi back in 2017 for misleading borrowers and providing them with bad information and naviant shares of course were trading as well so now what happened here what exactly happened okay now the Consumer Financial Protection Bureau sued Navia back in 2017 for misleading borrowers and providing them with bad information causing many to pay more than they needed to okay so people that was actually paying their student loans they probably paid more than they should have the consumer Watchdog agency uh would by the way from the Biden Administration guys accused naviant from steer of steering student loan borrowers into expensive forbearances causing many to pay steep interest charges by the way if you are someone you know has student loans with navian if you were someone you know has student loans with Navien if they were in Def uh not in default but if they were in deferment it was it's slowly growing in interest that slowly brings down your credit score has a negative impact also if you haven't done so already be sure to like share and subscribe but obviously a lot of people don't see it because they have positive so much positive history on their credit reports let's keep going Additionally the Consumer Financial Protection Bureau alleged that navat miscalculated borrowers payments and tarnished the credit reports of disabled borrowers including severely injured veterans okay at the time the lender was the largest student loan servicer in the United States managing the accounts of more than 12 million people everybody knows about naviant let me know in the comments if you all have heard of naviant have student loans with naviant paid off navian or know someone that has navian now they did stop doing uh student loan servicing once the uh the government federal student loans back in 2021 the lender also agreed not to reenter servicing of federal student loans but there's a chance they may not even be able to collect on this okay because they own the private student loans for about 3.7 million people um through another service of MOA you guys know who that is too right will soon service those accounts okay but either way as a part of the settlement $100 million will be used to make payments to impact the customers as determined by the Consumer Financial Protection Bureau and the remaining 20 million will go to the Civil penalty fund which means if you are with naviant it's time to open up those wallets of course we all know how those settlements go and uh things take a they take some time for sure okay now here's the deal guys again let me know your thoughts about this inside the comment section below we got way more for you all on today way more for you all on today all right so let me go ahead and get you all to the next piece that we do have here um let me know of course your thoughts about that inside the comment section below thanks for watching and we'll see you guys on the next video