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Letter to the Editor: Navient scams students

Did you hear? Not only are we taking out student loans, we are also getting scammed on these loans! I am writing in light of the recent news that the Consumer Financial Protection Bureau has filed a lawsuit against Navient, the largest student loan provider in the nation, for allegedly wronging its borrowers in every step of the loan process. Why is this a big deal? Well, if this is news to you, do a quick Twitter search and you’ll see how many Americans are being affected. This is a huge issue because this means students like you and me have fallen victim to a greedy corporation. Students that are about to take out loans, have loans or have debt to pay off are being wronged in every step of the student loan process.

According to the CFPB, Navient has been scamming its consumers as far back as 2010. Along with students being targeted in this wrongdoing, the CFPB also allege that Navient has been scamming disabled veterans as well, which takes a serious lack of ethics. Big financial institutions are not looking out for you or me, the consumers.  As a student here at Ohio State, I see the frustration classmates and friends have on a daily basis when it comes to student loans. Loans are bad enough as it is, but now we have to worry about these loan companies scamming us, too? Companies like Navient are greedily preying on customers who are working hard to make a better life for themselves by completing their education.

So, what can we, as students, do so hopefully we don’t see another loan scam against us like this in the future? Luckily, there is a federal agency whose sole purpose is to look out for the consumers and our economic liberties. The Consumer Financial Protection Bureau was formed to prevent another recession, and has returned millions of dollars to consumers since its creation, but right now it’s under attack. Under the Trump administration, the CFPB could be facing budget cuts, loss of power and the firing of its director, former Ohio Attorney General Richard Cordray. We need the CFPB to look out for us. Big financial institutions are not looking out for us, and this is where the CFPB plays a vital role for you and me. Without this consumer watchdog, we are just shark bait.

I would highly encourage checking in to see if Navient is in control of your student loans or not. On top of that, let friends, family, professors and politicians in Washington know that we need the Consumer Financial Protection Bureau. I know I want the CFPB looking out for me. Do you?

Garrett Colburn
Third-year in marketing

3 comments

  1. Garrett,

    No one forces any person in America to take out a loan. No one forces any person in America to attend college. You, I, and every student attending OSU had a choice. We made our choices.

    Big financial institutions are not looking out for you because they are looking out for their owners, investors, and employees. That’s what a company does. Navient has a product that there is obviously demand for so they sell it to support their owners, investors and employees. McDonald’s doesn’t look out for you either or they wouldn’t sell their wonderful french fries and sweet tea. Instead they would offer kale and water. Yet, we sit in lines waiting to be served fried foods and sugary drinks and there is no government agency waiting at the window to hold my hand and tell me that I am incapable of making an informed decision or telling McDonald’s to forget what I want and give me kale and water instead.

    My point is this: Navient services student loans. When your business revolves around collecting debt from people you don’t have a lot of wiggle room if you plan on staying in business. There isn’t much in the way of “looking our for the customer” as you say. People either pay or they don’t. Students felt like they were responsible enough to finance their education. They should be responsible enough to pay it back. If they need to refinance or consolidate or switch to an income based payback then it is on them to make it happen. It is time to adult. It is time for people to be personally accountable instead of asking the government to keep growing and creating new offices to do the things we are too lazy or ignorant to do for ourselves.

    For a more in depth look at your nanny state institution, the CFPB, I recommend this article:
    http://www.nationalreview.com/article/443227/consumer-financial-protection-bureau-tragic-failures

  2. Your write-ups are far more than wow!

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