SALLIE MAE-NAVIENT aka SLM Corp--
TRILLIONS DOLLARS SWINDLE BUBBLE Just Waiting to Burst same as the Home Loan Mortgage Fannie Mae Swindles that created CRASH OF 2008!
universities have morphed into ONE BIG ATM CASH MACHINE mega-business SEEKING
foreign students, to the detriment of US students and future engineers and
computer programmers and IT specialists and software designers and nurses and
Physician Assistants, emerging from the giant womb of US legal resident
citizens and not recruited nor imported in from external factors OUTSIDE of the
* U.S. Student loans that originate from Sallie Mae or Navient are not federal loans. They are private loans. Sallie Mae and Navient offer few to no options for repayment and do not offer any kind of income-based repayment plans.
* Navient is Sallie Mae "rebranded": don't be fooled by this PR stunt.
* No student loan is protected by bankruptcy—not private loans, not federal loans, none of them. If you attempt to discharge your loans in bankruptcy, there is a very high chance that your efforts will be unsuccessful.
About 25% of higher education students in USA now are foreigners who pay more university tuition, making Education in the U.S. a vast and colossal Money Making Machine. On the other hand, national domestic student loan debt has climbed to $1.4 trillion as of 2017. About 6 million students had subsidized loans in the 2016-2017 academic year, averaging $100,000, which comes to over $20 billion annually. SALLIE MAE, aka, "Navient" under its new name since a scandal a few years ago, is the next trillion dollar bubble to burst like Fannie Mae and the home loan mortgage disaster of 2007/2008 which caused a global financial CRASH. NAVIENT, new name for Sallie Mae spinoff, is expected to service more than $300 billion in student loans. In June 2016, stockholders filed a class action lawsuit against Navient. The plaintiffs included Chicago police officers and retired city employees in Providence, Rhode Island. Up to 2017, already "tens of thousands" of complaints were filed against Navient. In 2017, 6,708 federal complaints were filed about the company, in addition to 4,185 private complaints – more than any other student loan lender in the history of the world.
Eat The Rich
CNBC--March 2018--The Student Loan Crisis will be a factor when the economy crashes, even though Wall Street and the wealthy are the only ones who have benefited from this "Booming" Economy. U.S. resident native born higher education students whose loans fall into delinquency would be subject to more stringent enforcement as the proposal also calls to "streamline the Department of Education's ability to verify applicants' income data held by the Internal Revenue Service." Some 30 programs would also lose funding, including the Supporting Effective Instruction State Grants, 21st Century Community Learning Centers and Federal Supplemental Educational Opportunity Grant programs. The president's proposal is subject to approval by Congress and is likely to be modified by legislators.
Trump's budget ends student loan forgiveness program, slashes repayment options
Trump's budget emboldens the government to go after students who don't pay their loans, limits repayment choices and more.
On September 17, 2010, it was announced that Sallie Mae will acquire federally insured loans from Citigroup-owned Student Loan Corporation worth $28 billion. On Feb 25, 2014, Sallie Mae (aka SLM Corp) announced the new name for the student loan side which will be called "Navient". Navient now manages nearly $300 billion in student loans for more than 12 million customers, the company was formed in 2014 by the split of Sallie Mae into two distinct entities, Sallie Mae Bank and Navient. It seems around this time Sallie Mae sold off all her student loan assets and then bought them back again under their new business name change to Navient, and thereby avoided many lawsuits and prosecutions and it is the same ole same ole Sallie Mae swindle and rake off that it was, but now with a face lift and name change to NAVIENT. Already by In August 2015, the Consumer Financial Protection Bureau sent Navient a letter telling its executives that the agency's enforcement staff had found enough evidence to indicate the company violated consumer protection laws. On May 28, 2015, the United States Department of Justice announced that nearly 78,000 military service members would begin receiving $60 million in compensation for being charged excess interest on their student loans by Navient.
National student loan debt has climbed to $1.4 trillion as of 2017
In June 2016, stockholders filed a class action lawsuit against Navient. The plaintiffs included Chicago police officers and retired city employees in Providence, Rhode Island. Up to 2017, already "tens of thousands" of complaints were filed against Navient. In 2017, 6,708 federal complaints were filed about the company, in addition to 4,185 private complaints – more than any other student loan lender in the history of the world.
The Crony Capitalism of Sallie Mae, July 2013
How SALLIE MAE (aka SLM Corp) College Loans Got So Evil, a video
July 2018 -- Navient, the Delaware-based student loan management corporation formerly known as Sallie Mae, is being sued by California’s Attorney General Xavier Becerra. In a suit filed Thursday, Becerra accused Navient, the nation’s largest student loan servicer, of cheating thousands of borrowers and forcing them to repay more than they owed. Becerra’s suit alleges that borrowers were steered toward repayment plans that exceeded their income levels, and that in some cases, Navient misrepresented how much borrowers owed. When forced to pay more than they owed, many borrowers then defaulted on their student loans. “By taking Navient to court, we’re sending a very strong message that these practices will not be tolerated,” he said before the filing, according to the San Francisco Chronicle.
National student loan debt has climbed to $1.4 trillion as of 2017
In February 2007, New York Attorney General’s office launched an investigation into deceptive lending practices by student loan providers, including The College Board, EduCap, Nelnet, Citibank, and Sallie Mae.. On October 10, 2007, documents surfaced showing that Sallie Mae was attempting to use the Freedom of Information Act to force colleges to turn over students' personal information to unfriendly predatory hands. The university involved was SUNY, State University of New York, which declined the request and was forced to defend its position in court. In December 2007, a class action lawsuit was brought against Sallie Mae in a Connecticut federal court alleging that SALLIE MAE discriminated against African American student loan applicants by charging them much higher interest rates and fees. The lawsuit also alleged that Sallie Mae failed to properly disclose profit gouging terms in student loans to unsuspecting students. Finally, under the terms of a settlement, Sallie Mae agreed to make a $500,000 donation to the United Negro College Fund and the attorneys for the plaintiffs received a whopping and handsome $1.8 million in attorneys' fees for being the erudite middlemen. (Wikipedia)
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