Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Navient Corporation    NAVI

NAVIENT CORPORATION (NAVI)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Navient : Loan servicing company Navient tops for student loan complaints nationwide, including Oklahoma

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/12/2019 | 09:15am EST

An analysis of student loan-related complaints submitted to the Consumer Financial Protection Bureau last year shows one loan servicing company was the most complained about in 46 states, including Oklahoma.

Navient Corp. triggered the most complaints for its handling of federal student loans, private student loans and debt collection, according to an analysis by LendEDU of nearly 10,000 complaints submitted to the federal consumer protection agency between Jan. 1 and Dec. 19, 2018.

Navient is a U.S. corporation based in Wilmington, Delaware, that services $300 billion in student loans.

Navient may have driven tens of thousands of borrowers struggling with debt into higher-cost repayment plans, The Associated Press reported in November.

The AP report was based on a U.S. Department of Education audit of practices at Navient, the nation's third-largest student loan servicing company. Federal and state lawsuits have been filed accusing Navient of boosting its profits by steering some borrowers into the high-cost plans without discussing less costly options, according to the report.

AP reported five states are suing Navient - Illinois, Pennsylvania, Washington, California and Mississippi - based on state consumer protection laws. In its own lawsuit, the Consumer Financial Protection Bureau claims the company's practices are unfair, deceptive and abusive, and break federal consumer protection laws.

Navient disputed the Department of Education's audit conclusions and has denied the allegations in the lawsuits.

One Oklahoma student reported, "I have had a good experience with them. They told me about how I could lower my monthly payments and deferment options when I first started paying."

Other Oklahomans described their experience as, "Horrible. They're so bad. To talk to someone it's going to take you at least an hour, sometimes two," and reported Navient "won't work with you at all."

Complaint breakdown

The Consumer Financial Protection Bureau database breaks student loan-related complaints into two categories - complaints directly related to either private or federal student loans and complaints related to debt collection.

In the student loan-specific category, the Consumer Financial Protection Bureau received 8,340 complaints between Jan. 1 and Dec. 19, 2018. Of those, 64 percent pertained to federal student loans, while 36 percent dealt with private student loans.

"Not surprisingly, Navient once again led the way this year when it came to the most complained about federal student loan companies," said Mike Brown, author of the LendEDU report.

The report shows 42 percent of the 5,362 federal student loan complaints were lodged against Navient. AES/PHEAA was next with 26 percent of all federal student loan complaints.

LendEDU ranked the four federal loan service companies that received the most complaints per million loan recipients and Navient topped the list with 336 complaints, more than twice as many as the next company.

Navient also was the company with the most private student loan complaints by volume, with 53 percent, and the one with the most debt collection complaints. In the latter category, borrower complaints against all companies were mostly about dealing with the lender or servicer, followed by struggles to repay loans.

Oklahoma numbers

LendEDU's breakdown of private and federal student loan complaints by state shows Oklahoma had 16 complaints per million residents, with 45 percent of the complaints against Navient.

The most and least number of complaints per million residents were filed in Washington, D.C., which had 113, and New Mexico with 10.

Of the 62 complaints filed by Oklahoma borrowers, 68 percent related to federal loans and 32 percent to private loans.

See the full report here: lendedu.com and search for "CFPB complaints."

© Copyright (c) 2019 Tulsa World. World Publishing Co., source Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NAVIENT CORPORATION
09:15aNAVIENT CORP : annual earnings release
01/04NAVIENT INVESTIGATION UPDATE BY FORM : Kahn Swick & Foti, LLC Continues to Inves..
BU
01/03NAVIENT : to announce fourth-quarter and full-year 2018 results on Jan. 22, host..
AQ
2018The Grand Opera House receives grant for Sensory-Friendly Family Program
GL
2018NAVIENT : Judge allows lawsuit against student loan servicer Navient
AQ
2018Team Navient supports 30 Delaware-area children for the holidays
GL
2018NAVIENT INVESTIGATION UPDATE BY FORM : Kahn Swick & Foti, LLC Continues to Inves..
BU
2018NAVIENT : A Letter from Navient CEO Jack Remondi to Navient Shareholders
AQ
2018NAVIENT CORP : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
2018A Letter from Navient CEO Jack Remondi to Navient Shareholders
GL
More news
Financials ($)
Sales 2018 1 279 M
EBIT 2018 820 M
Net income 2018 476 M
Debt 2018 -
Yield 2018 6,05%
P/E ratio 2018 6,11
P/E ratio 2019 5,48
Capi. / Sales 2018 2,15x
Capi. / Sales 2019 2,36x
Capitalization 2 747 M
Chart NAVIENT CORPORATION
Duration : Period :
Navient Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends NAVIENT CORPORATION
Short TermMid-TermLong Term
TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 15,3 $
Spread / Average Target 43%
EPS Revisions
Managers
NameTitle
John F. Remondi President, Chief Executive Officer & Director
William M. Diefenderfer Chairman
Christian Mark Lown Chief Financial Officer & Executive Vice President
Patricia M. Lawicki Chief Information Officer & Executive VP
Jane J. Thompson Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
NAVIENT CORPORATION20.89%2 747
DISCOVER FINANCIAL SERVICES9.12%21 623
BAJAJ FINANCE-2.85%20 764
SYNCHRONY FINANCIAL12.45%18 960
ACOM CO., LTD.5.70%5 438
INDIABULLS HOUSING FINANCE-2.84%4 970