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Given that explanation, I find it hard to understand why Navient should provoke a moral outrage over activities which seem to fall under what you describing as
by lr4444lr 9y ago
Given that explanation, I find it hard to understand why Navient should provoke a moral outrage over activities which seem to fall under what you describing as servicing: isn't their incentive to keep the debtor to the original terms of the loan? It could be argued that these debtors should have never signed on to begin with, but that would be on the lender's shoulders. Thanks for the explanation.
- pmiller2 9y agoThat's just it. Servicers of student loans have certain obligations that aren't required of other types of loans. There's a 600+ page book called the Common Manual that lists all the rules. I don't even know most of them, because I only ever worked with initiating consolidation loans. These articles from The Consumerist give you a better idea what the outrage is about: https://consumerist.com/2017/04/03/navient-claims-its-under-no-obligation-to-help-student-loan-borrowers/ https://consumerist.com/2017/04/03/navient-claims-its-under-... https://consumerist.com/2017/01/18/student-loan-giant-navient-sued-by-cfpb-two-states-over-alleged-illegal-practices/ https://consumerist.com/2017/01/18/student-loan-giant-navien... I think the first covers the "moral outrage" a bit more than the second when it mentions how Navient's public statements are all to the effect of "we're here to help you," while their actions all point the other way. The second is just some straight up shady shit they've been doing.