Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.
A group of investors accusing the student loan company Navient of misleading them about an alleged conspiracy to push borrowers into pricey forbearance plans has convinced a federal judge to certify their Class.
The Class includes investors who purchased Navient stock between Jan. 18, 2017 through Nov. 20, 2018. U.S. District Judge Robert B. Kugler agreed to the unopposed motion for certification this week, noting that hundreds of millions of shares were traded during that time.Â
Navient hiked its stock price with deceptive information about how it treated borrowers — allegedly putting them in more expensive forbearance programs, rather than cost-effective income-based repayment plans. Then, according to the class action lawsuit, the company lied about it.Â
Navient faces a number of other legal issues surrounding claims it misled student loan borrowers, including another class action lawsuit filed by student loan holders who say the company withheld information about federal loan forgiveness programs. In addition, Navient reportedly faces a potential $4 billion judgment in a lawsuit filed by the Consumer Financial Protection Bureau (CFBP) over the same allegations. Several State Attorneys General have also filed lawsuits saying Navient failed to properly inform borrowers about their options.Â
These lawsuits accuse Navient of looking out for its bottom line at the expense of student loan borrowers. The company allegedly took the easy route, pushing borrowers to put a pricey pause on their loans, rather than taking the time to explain other, less expensive repayment options. In addition to forcing borrowers to pay more than under other federal repayment programs, the company allegedly based executive bonuses and other incentives on the number of borrowers put in forbearance.Â
The Navient investors class action lawsuit claims that the company made false and misleading statements in response to legal action by the CFPB and Attorneys General in 2017, allegedly artificially inflating its stock price as a result.Â
The investors contend that despite growing evidence that Navient engaged in predatory lending practices, company officers continued to categorically deny the allegations. When the alleged scheme was revealed in an AP News exclusive report on Nov. 20, 2018, Navient stock took a drive, dropping 11 percent when the article was released, claims the class action lawsuit.Â
Were you misled by Navient’s alleged scheme to steer borrowers into forbearance? Tell us about your experience in the comment section below!
The lead plaintiffs and Class Members are represented by Adam M. Apton of Levi & Korsinsky LLP.Â
The Navient Investors Class Action Lawsuit is Eli Pope v. Navient Corp. et al., Case No. 1:17-cv-08373, in the U.S. District Court for the District of New Jersey.
Read About More Class Action Lawsuits & Class Action Settlements:
- Navient Class Action Alleges Borrowers Misled About Loan Forgiveness
- Nelnet Class Action Says Income-Based Repayment Plans Cancelled
- Do You Qualify: Wrong Number Robocalls | Business, Creditor & Debt Collector Lawsuit Investigation
- Do You Qualify: Florida College Fees Refund | COVID Class Action Lawsuit Investigation
148 thoughts onNavient Student Loan Fraud Class Action Lawsuit Gets Certified
All of my loans through Navient are in deferment and I continue to pay interest. I pay on them even though they are in deferment and the balance stil increases constantly. Please add me!
Navient hold my student loans. Please include me
I’m paying my daughters student loans and parent plus loans and they always make it seem as if they’re doing you a favor with forbearance and consolidation , and non income . Please add me
Navient is the third lender that has held my many loans from the university I attended. Navient has sit my loans into six individual loans . This was not how I signed originally. Maybe they did not start the break up of the loans but now that I am in a income payment plan that has me paying a rather low , next to nothing payment because I never got a job from the degree that I obtained…..the interest is still adding up on all of these loans on the loans that are in deferment! How can one semester be sectioned off into six or four separate loans per class ? Totally greedy and ripping me off. I have been paying since 2006. Never missed a payment. Never late.
Add me I am still paying on my sons student loan debt with Navient.
I went to Bryman college and Everest college and had navient as my student loan lender. I had to drop out of school 3 times before i was able to finially graduate. The 3 times i had to drop out i droppedo ut within the grace period where i wouldnt be charged any money for tuition. Strangly enought I did get charged full price every single time i dropped out within the grace period. My 4th time enrolling I graduated with straight A’s. I would like to say i earned my grades but i didnt. The teachers all were so unknowledgable it was shocking to witness. I remember every test we did at the end of our mods it was open book so we all passed. I remember this one girl would come to school high of her ass and failed literally every single test even with the test being open book. Guess what that girl still passed with good grades. I was mislead by the school that i would be able to get a job out of school and i never was. I graduated and finished my externship and never was given a certification for my Medical Assisting course. I am in debt over $28,000 in school debt from attending Everest College and Bryman College. My tuition should have only been $8500 but in stead i was put into debt $28,000. This has drastically affected my life with obtaining credit cards, home loans and just life in general. I would love to see these people be held accountable for lives they have damaged by there greed and disrespect for peoples lives. Im all in to be apart of this class action.
Have your loans been separated into small loans ? Because mine have. Like they made each class per semester a loan in and of itself with interest!
Add me
Add me please.
Please add me
I was misled by Navient add me