Our good friends Navient/Sallie Mae


#1

Not sure how many people have seen the news today, but this tickles me to my core. I have a long standing hatred towards my student loans. Unlike what happens in Vegas, Student Loans haunt my dreams and truly have postponed some bigger milestones in my life (Engagement, First Home, Wedding to name a few).

Before I get hit with the, “you signed these loans, that’s what you get!” comments, I’ll be the first to tell you I know. That doesn’t change the fact that they suck. Now on to the article:

Although I don’t expect to receive anything from this, the satisfaction of watching this company burn will pay for itself. I can say there were multiple times I paid my loan on time only to come back the next month with a $200+ addition to my monthly payment for “late” or “delinquent” payments. In reality, the servicers didn’t apply the payment correctly causing some loans to default (this happened more than 5 times off the top of my head). I also didn’t have access to my account online because I had a Co-signer. Sounds absurd to me now, but I was dumb enough to take their word as gold.

Anyways, I hope if you were dealing with them you were able to consolidate or refinance elsewhere to save yourself some headache. As for me, I will be watching this closely, hoping some real change does occur!


#2

I think it’s one thing to refuse to pay your loans as agreed because you don’t want to, but in this case I think the lenders were grossly negligent and injurious to the borrowers, so they definitely deserve to burn!


#3

Profiteering off of student loans? That is morally reprehensible. The part about how Navient provided incentives to employees who encouraged borrowers to postpone payments really makes my blood boil. I am glad to see some justice here.


#4

The business side of me respects how incredible of a money making racket it is. The other side of me that blows 1/5th of their take home pay a month paying them off makes me want to shake somebody. I think most people in this forum can attest to how little they knew about the way loans work when they were 18 years old. Had I known to, at minimum, make interest payments while still in college, I probably wouldn’t have as much hatred for them as I currently have.