Navient denies the allegations, and a spokeswoman told Fusion via email seven and a half minutes was the average call time, not a target. The company maintains caller satisfaction and customer experience are a significant part of call center representatives’ ratings.
But in a 24 March motion it filed in federal court for the CFPB’s lawsuit, the company also said: There is no expectation that the servicer will act in the interest of the consumer. Rather, it argued, Navient’s job was to look out for the interest of the federal government and taxpayers.
Researchers argue more data would help them understand how to improve the student loan process and prevent more people from being overwhelmed by debt
Navient does get more per account when the servicer is up to date on payments, but getting borrowers into a repayment plan also has a cost because of the time required to go over the complex options.
The same day the CFPB filed its lawsuit, Illinois and Washington filed suits in state courts. The offices of attorneys general in nine other states confirmed to Fusion that they are investigating the company.
At a recent hearing in the Washington state case, the company defended its service: The State’s claim is not, you didn’t help at all, which is what you said you would do. Continue reading “So, too, did Navient’s predecessor, Sallie Mae, and other student loan servicing companies”