CFPB Fines Navient $120 Million for Student Lending ‘Abuse'

Navient is exiting the federal student loan business as a regulator prepares to fine it $120 million. The company, formerly known as Sallie Mae, was sued in 2017 by the Consumer Financial Protection Bureau (CFPB) over its lending practices. Now, the regulator has filed an order that would ban Navient from servicing federal direct loans and bar the company from directly servicing or acquiring most loans under the Federal Family Education Loan Program, the CFPB said in a Thursday (Sept. 12) press release. "Th ...